Current mortgage rate trends are deteriorating. Europe is a big scare for many investors. Today, in rare fashion both stocks and mortgage bonds suffered a sell off. This put pressure on mortgage rates as they inched higher as money poured into gold. Investors see the European debt crisis hitting their pocketbooks. Although the US isn't affected as much as European countries, when one bank suffers in this global economy the rest follow.
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Mortgage rates could decline in the coming weeks but not by much unless some really bad news hits. US mortgage rates are some of the lowest in our Nation's history so a probability for huge drops is unlikely. What is likely is that with any good news mortgage rates will climb quickly. When I mean quickly, I mean within a day's time. So if you are floating make sure your loan officer is keeping a careful eye on rates to take advantage of any small drops and ready to lock if rates being their ascent.
Now is a great time to buy a home or refinance a home because everyone, including our government is throwing all of their power towards making sure mortgage rates remain low. This won't last forever and world news can change this so don't miss the boat!
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