The Numbers Just Don't Lie
Here is a press release from Case Shiller showing just how dramatic the pricing increase is happening in the housing market. When factored in with rising interest rates, there is no reason for anyone to think that better value is coming - it's time to get in the game!
Check out the press release here: http://goo.gl/ZCCFk
Last Week's Mortgage Rates Recap
Last week mortgage rates increased on Tuesday after a brutal day for MBS (Mortgage Backed Securities), the market that drives mortgage rate pricing. After a couple of days of recovery we watched it all fall back by Friday. Last week's performance showed the importance of being aware of market factors and using them in decisions rather than chasing after lost rates. Last week also showed the importance of working with an MLO (Mortgage Loan Officer) who is tied into real time trading data to take advantage of the best pricing and to act before lenders do when it was time to lock. If you have questions about this contact your MLO who would be happy to explain it.
This Week's Mortgage Rates Forecast
Mortgage Rates Currently Trending: HIGHER
This week does not appear to be the week that the market will rest. Exepct volatility all week, leading up to Friday's May employment report which may bring the most volatility of all. It's another week of staying on top of the MBS market and watching the live feed.
BOTTOM LINE: Do not fight the tape. Interest rates show little evidence of any improvement as the week begins. No stopping the equity markets these days; as long as the stock market continues its march higher there isn’t much to hope for in the bond and mortgage markets. We suggest keeping in contact with your MLO (Mortgage Loan Originator) who is connected to the market with a live feed to protect your mortgage interest rates this week.