Mortgage rates ended last week at the lowest levels of the month so far, but is this downward trend likely to continue? With quite a few significant events and data reports coming out this week there will be plenty of chances for rates to either break lower – if this is how event unfold – or go higher again.
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Blue Home Loans explains that whenever there is a data heavy week ahead, mortgage borrowers who are considering whether to lock or float really need to assess their risk tolerance and the current mortgage rate trend. Right now, rates are down to their lowest levels of the month. They have also been improving for quite a few days in a row. Whenever rates travel in one direction for a considerable length of time, the chance of them bouncing back in the opposite direction increases.
This coupled with the data-heavy week ahead means that those with low risk tolerances may wish to lock in if they see that Monday's rates have not carried any delayed improvements from last week. For those with longer term lock periods, floating might still pay off, but as always it is important for borrowers to keep an eye rates and keep in close contact with their loan officer, who ideally is also looking carefully at finance markets. New buyers who are just starting can consider locking in on application, but should do so with a lender that allows for renegotiation in case rates decrease considerably before their loan closes.
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Read the full story at http://www.prweb.com/releases/blue-home-loans/mortgage-rate-trends/prweb12014415.htm
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