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For those of you that floated your rate last week, as I
recommended, you just hit a bomb home run! And if you locked in on Thursday, you hit
it clear out of the ballpark!
So what happened on Thursday? On Thursday I was anxiously
waiting for the Manufacturing, and Junes New Home Sells reports, when those
reports showed weaker than expect numbers for Manufacturing, and the new home
sells report showed a larger than expected decline, investors jumped from
stocks (I’m sure you heard about the 400 point hit to the Dow on Thursday) and
into bonds. When bonds go up, mortgage rates go down. And go down they did on
Thursday, posting lower rates than I’ve seen in about six months. Oh so crazy!
Interest rates today are an eighth of a percent lower than a week
ago, rebounding on Friday and today from Thursday’s low numbers; if you haven’t
locked yet, I recommend you lock in right now.
If you’ve been on the fence about purchasing a home or
refinancing, take advantage of these rates and start making offers or lock in
your refinance. Even if you missed Thursday’s rates, by locking today you can
still save an eighth of a percent over last Monday, and an eight of a percent
over the life of a 30 year mortgage will save you thousands of
dollars, so when they dip like they did last week and today now is when you
want to buy a home or refinance.
This coming week there will be two days you’ll want to have
your mortgage professional on speed dial and at the ready, Tuesday and Friday. Looking at Tuesday, there are three reports that can affect mortgage rates: First are
June’s Personal Income and Outlays, then the 2nd Quarter Employment Cost Index,
and then finally the Conference Board’s Consumer Confidence Index report; and
then later in the week Friday’s Employment report will be very important as
well.
The bottom line is that this is going to be an
interesting week for mortgage rates, and I expect the most movement in the
rates on Tuesday and Friday. The market is expecting weak numbers that means if
any of the reports are more positive than expected mortgage rates can skyrocket
very quickly. It’s been said that you should keep your friends close and your
enemies closer, but this week you should keep your enemies close and your
mortgage professional closer.
When people invest money in real estate then mortgage rate is essential part of real estate. Mortgage is one kind of interest rate.
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