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Mortgage Market Snapshot 07.12.16
Well today brought us some hedging from investors/traders for tomorrows pending jobs report. While that is not anything alarming to me I am a touch concerned over the fact that the FNMA 3.0 fell through its support of 104 and closed at 103.844. While that may not sound like much I do not like resistance breaks when they are on the low side/support side.
I recommend to lock as its not worth taking a risk expecting rates to improve. If news tomorrow is positive on jobs then we could easily lose another 25bps or more (dependent upon how good the news is)
Rates are still fantastic and those in the market to buy or refi should be very happy as they can take advantage of 50yr lows!
Now go buy a home and protect yourself against inflation and take advantage of best rates in 50 yrs!!!
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