Mortgage rates would have been volatile this week. The presence of Labor Day just piles on. If you have a chance to lock something favorable and within your budget, consider doing it.
When Chairman Bernanke talks, markets listen. His comments about the U.S. economy helped fuel a late-Friday surge in mortgage rates last week.
With home prices holding firm and mortgage rates still dropping, home affordability is reaching new heights.
Although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July’s rate of sales, the nation’s new home inventory would be exhausted in just about 9 months.
The number of home resales plunged by 1.4 million units in July. Home buyers may uncover opportunities for a deal.
According to the Federal Reserve’s quarterly survey of senior bank loan officers, roughly 1 in 10 lenders added mortgage qualification hurdles between April and June. It’s a huge departure from just 2 years ago when the mortgage industry was facing its first wave of challenges.
This week, it’s unlikely that the Refi Boom will meet its end, but that doesn’t mean you should wait for rates to fall further. Mortgage rates tend to change quickly and without notice, and should rates rise, you may find that you’ve missed the market bottom.
Mortgage rates are (again) at their lowest levels in history.
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