Mortgage Rates Unchanged

Mortgage rates were unchanged for the most part today. Not only have things been stagnant in the short term, but the past few months have been exceptionally flat as well. In fact, it's not unfair to say that after bottoming out in late May, mortgage rates have not moved much at all. Only two rates have been contenders for top-tier conforming 30yr fixed scenarios during this time frame is 4.125% - 4.25%, with a few days at 4.375%.

The only differences from one day to the next are the very slight changes in closing costs. This is a factor of mortgage lenders typically offering rates in .125% increments. There is seldom enough movement to move rates by an entire .125%. The costs associated with those rates are like 'fine-tuning' adjustments that allow lenders to keep pace with the always-moving bond markets that serve as the basis for rate sheet movement.

As I mentioned it being another quiet session today – there was nothing occurring in the geo-political areas of Ukraine, Iraq, or Israel. Nothing has changed on the technicals, still slightly bullish.

In summary, nothing's changed today. In my opinion the risk of rates moving higher still outweighs the potential to move significantly lower which still lends itself to locking in short term closings now. Beyond the short term, it's really a crap shoot so check your risk tolerance and keep your loan officer on speed dial.

Keep a strong look at the markets and continue to cautiously float if you do want to take a risk. Remember, if you want to know the benefits of locking your rate today versus floating, simply give me a call at 314-744-7806 or visit me on my website at www.CallTheMoneyMan.com. I have access to real time Wall St. data and instant market alerts with breaking news that I monitor throughout the day to assist us on making the informed decision.