|We are back to the mortgage roller coaster as VERY weak housing sales numbers came out pushing rates back down against the floor that we have been unable to break through. Then, better than expected Gross Domestic Product numbers, and the Fed’s comments indicating they are not going to support lower mortgage rates through further purchases, caused rates to spike back up again, albeit still in the low 4’s. There are many other factors that are whirling around as well to impact rates: The sock market, Greece – AGAIN, strong German GDP, etc. Any way you look at it, it’s NOT dull. Suffice it to say, we are still at a floor and there appears to be only one way for rates to go: UP. So, by waiting, your clients might get lucky and rates will stay low. But one thing is becoming increasing clear through the repetition of patterns: Rates are NOT going lower.
FYI, the low housing numbers were the logical let-down from the stimulus-induced highs earlier this year. So don’t let this panic you. Housing numbers will stabilize in the next two months at non-stimulus levels and then continue to improve.
State Bond Money still available with a rate of 5.25% and 3.5% DOWN PAYMENT ASSISTANCE!!!
This week 30 yr. fixed rates remained in the low 4’s depending on program, credit and points.
Sr. Loan Officer
NMLSR # 217991
OK License # MLO01963