We have minimal economic data to come out this week and if the last 7 days are any indicator of what the "market" is expecting its likely not going to bode well for rates. Mortgage Rates have had a steady and non stop decline for the last 7 straight days, which is very unusual.
Hopes against the recent unemployment claims (c0ntinuing and new) seem to be driving a piece of this bear run but I still have a huge issue that we are driving rates based on tainted data.
Anyway here is the upcoming data the markets are trying to position themselves for this weeks release of the "Fed Minutes" in an attempt to get some color for the direction or at least timeline the feds announce when they are going to begin tapering their commitment to the MBS market (why we have abnormally low rates).
If the Feds announce it could start tapering this year, then the loses not only are going to be sustained they are going to grow even deeper (meaning higher rates are all but guaranteed).
I constantly say the same things right now which is if you have even THOUGHT about buying you need to ACT NOW! Waiting will all but guarantee you are going to pay more, possibly in both home price as well as interest rates to repay the loan!
If you don think you can qualify then meet with a local and knowledgeable professional who can review your credit and current situation to either confirm an approval is possible or set you on the right path to make that a reality sooner rather than later.
If closing in less than 45 days may advice is LOCK!
We may see some retracement to these very long lasting straight losses but why wait or hope for a window that may not open when you can remove all doubt and lock in what is still a fantastic rate!
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