The Week in Review:
Home loan rates decreased by about .125% on the week. It looked as if rates were going to end the week higher but an unexpectedly poor Jobs Report created enough concern in the market to change the direction of the mortgage-back securities market.
What to Expect:
It’s a tough call when projecting the future of interest rates. We are currently at the lowest levels I have seen in the twelve years I’ve been in mortgage banking. There are so many different factors at play, including economic turmoil from across the globe.
Our economy appears to be slowly getting back on track and it can be argued that based on our situation, interest rates should be higher than current levels.
If you are a rate watcher trying to seize the perfect opportunity to purchase or refinance, my suggestion is that now is your time. Take it and don’t look back. Could rates go lower? It is possible; however, it will take some seriously bad news to get below these levels.
Breg-ometer:
Next 7 Days: Rates may increase from these unreal levels
Next 30 Days: Bouncing around; see above
Next 90 Days: Neutral
Courtesy of:
Bob Bregitzer
Southeast Mortgage
[where: 30080]