Weekly Mortgage Update – 4.25% rate?!!
| A week jobs report and a less than glowing leading indicator report from the Philadelphia Fed continues to underscore the weakness in our economy. Also, state and local governments project more job losses as they firm up budgets for the coming year. In the slow month of August, nothing is surfacing to tell us that things are getting better and THAT puts the spotlight squarely on the negative news.
The impact on rates is that for the THIRD time this month we are back at all time low levels. BUT…each time we get there, rates go back up. If you’ve noticed, the rate range has remained unchanged for 4 straight weeks. This tells me that investors have a minimum rate of return they require on mortgages and each time we get there, they are unwilling to take a lower rate.
It’s not going to get any better than NOW to buy…or refinance. Speaking of refinancing, if you’ve bought a home in the past, this may be the time to refinance. Take advantage before this awesome chance passes.
This week 30 yr. fixed rates remained between 4.25% and 4.5% depending on program, credit and points. |
| Ted Clay Sr. Loan Officer NMLSR # 217991 OK License # MLO01963 Office: 405-341-8644 |