Mortgage rates go down then jump by more than 1/2%, all in one day!
by: Brian Wentz, Relator
What a day it was! The Des Moines Real Estate market was not immune to the roller-coaster of a day brought on by the moment by moment changes in the mortgage markets.
I arrived at the office at 9:00 AM to the good news that rates had dropped from 5.25% down to 5.0%. "That's incredible", I thought.
Than, by noon- I got the update from one of my trusted lenders that rates fell even further to 4.875 % for a 30 year fixed rate. "Amazing- a 10 year low", I thought!
Then, about 2:00 things came to a sudden, screeching halt. E-mail after e-mail cried that rates were headed up. And in the aftermath, rates finished the day out at around 5.5% for a 30 year loan.
In my entire career, I have never seen single say swings like this. It was something, and I am sure many of our lenders were ready to go home and forget the day. I know their phones were ringing off the hook, and I am sure there were some frustrated customers along the way. When rates change this fast, it is impossible to keep up!
But how does the saying go; "Sometimes, that's how the cookie crumbles". I suppose tomorrow is a new day, and hey, 5.5% is an amazing rate no matter how you look at it!
Brian Wentz & Beth Ernst
Burnett Realty
515-334-4994
www.BrianWentzRealtor.com
New Construction and homes for sale in Des Moines, Iowa including Urbandale, Clive, Beaverdale, West Des Moines, Johnston, Ankeny and Waukee
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