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Des Moines Iowa Mortgage Rates Jan 24th: A Ride on the Rollercoaster...

Real Estate Agent with Keller Williams Greater Des Moines

Mortgage rates go down then jump by more than 1/2%, all in one day!
by: Brian Wentz, Relator

What a day it was! The Des Moines Real Estate market was not immune to the roller-coaster of a day brought on by the moment by moment changes in the mortgage markets.

I arrived at the office at 9:00 AM to the good news that rates had dropped from 5.25% down to 5.0%. "That's incredible", I thought.

Than, by noon- I got the update from one of my trusted lenders that rates fell even further to 4.875 % for a 30 year fixed rate. "Amazing- a 10 year low", I thought!

buy a first home des moines

Then, about 2:00 things came to a sudden, screeching halt. E-mail after e-mail cried that rates were headed up. And in the aftermath, rates finished the day out at around 5.5% for a 30 year loan.

In my entire career, I have never seen single say swings like this. It was something, and I am sure many of our lenders were ready to go home and forget the day. I know their phones were ringing off the hook, and I am sure there were some frustrated customers along the way. When rates change this fast, it is impossible to keep up!

But how does the saying go; "Sometimes, that's how the cookie crumbles". I suppose tomorrow is a new day, and hey, 5.5% is an amazing rate no matter how you look at it!

Brian Wentz & Beth Ernst
Burnett Realty

New Construction and homes for sale in Des Moines, Iowa including Urbandale, Clive, Beaverdale, West Des Moines, Johnston, Ankeny and Waukee

Ricardo Bueno
Diverse Solutions - Los Angeles, CA

That little Stock rally certainly did lead to a deterioration in Mortgage Rates!

Jan 24, 2008 12:39 AM
Lance Winslow
The Car Wash Guy - Malibu, CA
Absolutely Brian, could not agree more and the last three days I have been listening to the financial news in the background here, holy Toledo, it is a roller coaster indeed. Lance
Jan 24, 2008 06:10 AM
Jolynne Photography, Creative Wedding Photography, Family Portraits, Bar Mitzvahs
Jolynne Photography - Hemet, CA
Bat Mitzvahs, Senior Pictures, Event Photography
Hey Brian...it was fun and wacky and sickening and a rush. And it's not over...permanece sentado, por favor!
Jan 25, 2008 06:29 PM
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003
Brian: I had some guys from Wells Fargo visit on Thursday. Their comments echoed yours. Hard to figure. Man this past week was wacky as all get out!
Jan 26, 2008 04:09 PM