Mortgage Rates Keep Going Lower
Mortgage rates keep going lower as the fees are
again being affected. The most
prevalently quoted conforming 30yr fixed rates for top tier borrowers was still
at 4.0%, but 3.875% was better than
yesterday with lessor fees and 3.75%
is coming into the picture as well.
The headlines on the data were not good today, but immediately spin misters took the microphone to say the data is not indicative of the economic growth. In a market like we are in these days, you cannot find many that are concerned about weaker economic reports. A key analyst (a big name) on CNBC immediately after the three reports said he does not pay attention to things like personal income and spending but looks at the ISM manufacturing and services indexes as his drivers – damned amazing how easy it is to sweep anything under the rug that flies in the bullish economic outlook. Talking heads may want to ignore soft data but the bond market, where money is actually played, did not. The 10yr did fall to 2.24%.
In summary, the market is improving, but some banks are not passing them onto us so that we can quote better fees. With the holiday weekend upon us, I feel that the best bet is to float over the weekend and let us see what transpires on Monday.
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 my website at www.CallTheMoneyMan.com. I have access to real time Wall Street data and instant market alerts with breaking news that I monitor throughout the day to assist us on making the informed decision.
The headlines on the data were not good today, but immediately spin misters took the microphone to say the data is not indicative of the economic growth. In a market like we are in these days, you cannot find many that are concerned about weaker economic reports. A key analyst (a big name) on CNBC immediately after the three reports said he does not pay attention to things like personal income and spending but looks at the ISM manufacturing and services indexes as his drivers – damned amazing how easy it is to sweep anything under the rug that flies in the bullish economic outlook. Talking heads may want to ignore soft data but the bond market, where money is actually played, did not. The 10yr did fall to 2.24%.
In summary, the market is improving, but some banks are not passing them onto us so that we can quote better fees. With the holiday weekend upon us, I feel that the best bet is to float over the weekend and let us see what transpires on Monday.
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 my website at www.CallTheMoneyMan.com. I have access to real time Wall Street data and instant market alerts with breaking news that I monitor throughout the day to assist us on making the informed decision.
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