Mortgage rates end today at roughly the same levels that were available last Friday. This is good news for many, as rates ended last week at their lowest levels of the month. However, those looking for a good rate should not get comfortable with rates at these levels. With lots of economic data that can affect mortgage rates coming out this week, this first day of no change could simply be the calm before the storm – or at least a pause before some more dramatic movement in interest rates.
That same article says, "This will be a busy week in terms of scheduled events that can impact rates. In addition, the all-important jobs report will be on Thursday morning as markets are closed on Friday in observance of the
Blue Home Loans explains that the first economic report that has the ability to change the mood for mortgage rates is the ISM Manufacturing report which is due to be released tomorrow. While there is no way to tell which way rates will go when they do start moving, it is not a bad guess to assume they will go up since rates have been on a downward trend for quite some time and the longer any trend persists in mortgage rates, the higher the chances are that it will see a "correction" to level things out. Of course, this might not be the case, and even if rates do go up it might only be temporary. But for those who are near to closing, it might still be the best idea to lock in current rates, which are still near 2014's lowest mortgage rate levels, rather than risk losing out due to an upset in rates, even if rates do go back down later.
Those who have more time might consider floating, but should do so with a close eye on potential market movers, so that they will be able to lock if rates start to climb too high. Those who have not started their loan process and wish to take advantage of today's low mortgage rates can lock in on application, and if they choose a lender that allows for renegotiation, they will still have their options open in case rates dip even lower than they are now before they close on their loan. Blue Home Loans can help
"We make finding a loan simple because we have virtually every loan program available, regardless of the type of mortgage you are looking for. Whether you are dealing with bad credit, foreclosure, bankruptcy, or low credit scores, we can help you. It only takes us five minutes to find the right program that fits your needs."
For more information on how Blue Home Loans can help
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