Mortgage Rates Moving Fast to Lowest Levels in Two Years

Mortgage rates moving fat to levels not seen in over two years.  The most prevalently quoted conforming 30yr fixed rates for top tier borrowers moved towards 3.75% with a little bit of extra fees. 

Way too much too quick!  The 10yr and MBS have seen huge moves since Christmas Eve as we have seen the 10yr decline from 2.30% to as low as 1.89%, the lowest we have seen since last October 2013.  I do expect a few more declines, but likely not in the next few sessions as we have the Jobs Report coming in on Friday.

All current focus is on Europe and crude oil.  A little over a week ago, I stated that we should see a high level of volatility in the first quarter.  So far, the markets have not disappointed us.

In summary, this movement down is moving pretty quickly, probably a little too quick. When this typically happens, it will often be followed by a few brutal days the other way! Just be prepared and don't be greedy!

In 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.