Last week marked the first sizable mortgage rate increase over the course of 7 days since April.
Huge gains and losses characterized day-to-day trading last week. Overall, however, conforming mortgage rates improved.
All things considered, it’s dangerous to float a mortgage rate this week. If you’re not already locked, talk to your loan officer prior to Wednesday afternoon.
The dollar was strong in the first part of last week, then weakened through Friday’s close with the G-20 meeting looming. Mortgage rates trended along similar lines.
The United States is experiencing a Refi Boom. As compared to 6 months ago, a new, $200,000 home loan costs $124 less per month in principal + interest.
This week, there’s a number of releases that should keep mortgage rates on the move — up and down — including Fed Minutes (Tuesday), Producer Price Index (Thursday), and Consumer Price Index, Retail Sales and a confidence survey (Friday).
Mortgage rates are tough to pin down because, although the recession is over, everyday citizens aren’t spending like it is.
In back-and-forth trading last week, conforming mortgage rates bottomed out Wednesday before rising through Friday’s afternoon close. This week should be even more volatile.
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