Mortgage rates have been going down pretty consistently over the past week or so, but today this changed, as mortgage rates started moving higher, breaking the previous downward trend.
The same article explains, "In addition to the overt sorts of root causes for rate movement, there are also more subtle considerations that can, at times, carry even more weight. One example is simply the calendar. There are all sorts of stakeholders who trade the financial instruments that ultimately determine how rates will move. One of the bigger categories is that of money managers. At the end of the month (and even more so at the end of the quarter), they can have needs or goals for their portfolios that inform their trading strategy regardless of the day's inbound data and events."
Blue Home Loans explains that with all the economic data coming out on this holiday shortened week, most notably the Jobs report this Thursday which has the biggest potential to move mortgage rates, it would be safest for most borrowers to lock in current rates, which are just 0.04% higher than yesterday's rates. This is especially relevant advice for those who are very near to closing on their loans and have not locked yet, since even a temporary shift upwards in rates could mean losing out on thousands of dollars in savings.
Blue Home Loans can help
For more information on how Blue Home Loans can help
Read the full story at http://www.prweb.com/releases/blue-home-loans/mortgage-rates-head-up/prweb11992049.htm
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