The Week in Review:
Thankfully, June is here. The month of May was not kind to mortgage interest rates. Overall, home loan rates moved up around .50%.
What to Expect:
With the rapid run-up in mortgage rates, will they come back down? The answer: It is possible.
The underlying bond market needs a catalyst to end the current month run upward. Could Friday’s employment report provide the fuel needed to turn the market around? Maybe. The markets never go straight up or straight down.
Many bond traders are expecting a reversal at these levels; however, the overall big picture for interest rates to move higher the next couple of years. Take advantage of this environment while it is here.
For transactions closing in:
Next 15 Days: Lock
Next 30+ Days: Rates have a chance to drop, but have to advise locking. It’s too risky to float.
Courtesy of:
Bob Bregitzer
Southeast Mortgage
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