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Ready... Set... LOCK!
We have seen mortgage rates drop over the past few weeks. They are at unbeliveable lows. As a matter of fact, they dropped like a rock the other day... Some of the rates I quoted and locked for people were numbers I have not seen in a long time.
But yesterday was a Roller Coaster day. Mortgage rates began the day falling again, but by the time the day was up, mortgage rates were up by at least 3/8ths of a percent, and in some cases by 1/2 a percentage point. In other words, that 5.5% rate became 6% by the end of the day!
And today, rates climbed even more. Anywhere from 1/8th to 1/4 pt.
With the economy and Wall Street in such a state of confusion, rates will be all over the place for a couple more days. But after that... HOLD ON! Rates should begin their rise upwards.
If you have a buyer on the fence, or you are a buyer unsure of what to do... FIND A HOME AND LOCK YOUR RATE ASAP. Otherwise you could end up with a higher rate than needed.
And if you are dealing with a reputable mortgage professional and feel comfortable with them, quit "shopping" ... more

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