If only I had a dollar for..you know how the saying goes.

Rates that used to be 4.5% are now at around 5.5%. And it only took about 15 days to move. What does that mean to a homeowner in Ventura County? It means what used to be a payment on a $400,00 loan at 4.5% has increased $245 per month based on 5.5% mortgage rate.

Before I get into all of you in Ventura County who were, should of, was, possible, thinking about purchasing or refinancing let’s talk about why?

First there are many explanations, but I will stick with the simplified version.

1. The economy is improving. Maybe not on a day to day living basis, but on an overall bigger picture basis. With this improvement is the FEAR of inflation. Inflation is mortgage rates worst nightmare.

2. The technical side. This is were the market trades in patterns by traders who watch the market. This gets way to involved for this blog, but just trust me that when the rates seem to move for no apparent reason, there is usually heavy trading going on.

Are the rates going to come back down? Can you take advantage of the dip back down? There might be hope. Due to the quickness of the rise in rates, technical factors should pull back down the rates. The Federal Reserve will do its part to keep its commitment to keeping rates low. And rates seem to be seasonal.

Now, the hand slapping, do not miss the next drop in rates. Do not get caught up in the rumors that rates will always drop to something lower than what you could of taken advantage of when they hit their all time low! Ok, maybe you missed the boat once, but do not miss it again. Get yourself ready today for the dip. Speak to your mortgage professional and put yourself in a position to win. Rates as demonstrated above can move swiftly.

When will you know that rates have dropped so you can take advantage..not by reading the newspaper..that is too late..follow me on twitter were I give daily rate updates or subscribe to this blog.

Finally, if you want to forget about it and let someone else worry about it. Go to www.watchingyourmortage.com, sign up once and let me do the watching for you with my rate watch program.

But whatever you do, to do nothing will surely end up costing you in the long run.