Lowest Mortgage Rates this year! 30 Year Fixed rate at 4.375%
Today, the mortgage bond market improved once again and continues to climb. The higher the bonds go, the lower rates fall. The Fed expects rates to remain low for sometime but certain anticipate them to begin slowly climbing over time.
At 1pm ET today, the Treasury auctioned a record $42B in 5-year Notes. This follows yesterday’s good auction results of 2-Years, which helped push Bond prices higher. Then at 2pm ET, the Fed Minutes from the November 4th meeting were released. And looking ahead, next Thursday December 3rd, is the day the Senate decides to either approve or disapprove Obama's nomination of Fed Chairman Ben Bernanke to a second term. There has been chatter from some, including Chris Dodd, suggesting that Bernanke's nomination is in jeopardy – but we think it will go through.
It seems fitting that in advance of Thanksgiving, tomorrow's economic calendar is packed like a stuffed turkey. We are expecting Personal Income and Spending, Initial Claims, Durable Goods Orders, Michigan Consumer Sentiment and New Home Sales. It will be interesting to see how the market digests this enormous helping of news, with the market being closed on Thursday and having a shortened trading day with a 2pm closing on Friday.
Courtesy of Mortgage Market Guide
If you, or a friend, or a family member, or a co-worker could possibly take advantage of these rates, then please feel free to contact me anytime. This truly might be the absolute best time to refinance your current mortgage and save tons of money each month. Rates dropped this low back in February and then shot up to the mid to high 5's. Please do not waste this opportunity tobetter your financial position or to buy a house with the cheapest money in history!