Back down to 4.25% we go... (and lower)

Rates have dipped again after the FED issued another doomsday statement yesterday. The theme was that the economy is not growing, rates will remain low and the FED will step in as needed. That is music to a mortgage guys ears. 4% 30 yr fixed is showing up on ratesheets with one point or less. Check my rate chart for updated mortgage rates.

Mortgage Rates ; Friday 9/17

Update 1:48 pm EST, Due to market conditions, prices have worsened .25% i.e. if you were applying for a rate that costs 1 point upfront, it now cost 1.25 points. Most zero point fixed rates and ARM's are unaffected at this time

As always, rates are updated on my mortgage rate chart.

We have continued to see volatility in the mortgage rate market this week as we look for directional guidance from the broad scaled markets. It is becoming more likely every day that the Federal Reserve board will re-instate some form of quantitative easing, which will make lending rates lower for a period of time. It will take more than QE to break the 4.25% floor that rates keep banging into. I am still recommending locking rates below 4.5% while they are available. The only thing will really know is what we already know....

Rates improve as recovery rally continues!

Any time we see rates rise, the question is "when will they stop and will they go back down?". Well, we have good news on both fronts, rates have stopped rising and have begun to go back down, 4.25% is back in play again. Now that we are experiencing a more volatile market environment for mortgage rates and we have seen a firm floor at 4.25%, I do not see the benefit of floating your rate. The risk far outweighs the reward. Rates are updated on my mortgage interest rate chart and locking is advised!

Rates continue upward march

As I mentioned last week, this would be a rough week for rates and that has come to pass. 4.25% had been the going zero point rate for the better part of a month, now we have 4.375% hanging on for dear life. We should get some guidance as to the direction of mortgage rates next week, for now I would strongly consider locking. Rates are updated on my daily mortgage interest rate chart.

**ALERT** Mortgage Rates head higher

After a better than expected non farms payroll report, rates have begun to give back the gains that we have been enjoying. While I am not concerned about a HUGE spike in rates, it is worth noting that we found a firm floor at 4.25% and there was nothing that could get us through that floor. We have bounced off of it with most programs now at 4.375% or higher for a zero point loan. It does not appear that we will get any help in the short week ahead. I recommend checking out this post from Mortgage News Daily. As always, check out my mortgage rate chart for today's rates.

Mortgage Rates 9/1

Not much to report over the past couple of weeks, except for the fact that mortgage interest rates have remained firmly on the floor. 4.25% 30 yr fixed have been the norm for the better part of that time frame, save for a few hours where rates hedged upward slightly. I have said on this blog many time, we are at the bottom. Barring and unforeseen event, rates will not go much lower than where they are, there is not liquidity on Wall Street to support rates below 4%. I'm not sure when rates will go up, but since I am fairly confident that they can't really go down, I advise locking! Rates will be updated on my mortgage rate chart by noon today. Call me to lock in! 

Josh Burley
301.663.8087 x231