Current mortgage rate trends started better this morning but quickly deteriorated. The reason is because the stock market had gains and investors sold their mortgage investments for stocks. When there is a sell off of mortgage bonds, mortgage rates rise. Conversely when there is demand for mortgage bonds, mortgage rates drop.
Even with the slight uptick in mortgage rates today, there has rarely been a time in our Nation's history that borrowing money to buy a home has been this inexpensive. I would avoid the large banks when shopping a mortgage because their overhead is high and you will end up paying for it.
The blue line is today's trading. When it is upward it means mortgage rates are dropping. When it is downward it means mortgage rates are rising. The white line is yesterdays trading.
Take advantage of the great real estate deals in Oceanside and San Diego and finance it with incredibly low mortgage rates.
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