Good news this week with jobless claims coming in above expectations and fears over the Eurozone seem to have calmed down. But the job growth is not enough to drop the unemployment rate. Also, the actions in Europe are not enough to stop the eventual default of Greece. So, the best image I’ve heard is that we are running in place on a treadmill. We are running fast enough not to fall off but we are NOT running fast enough to reach the controls so we can and adjust the speed.
Now the Fed did start buying mortgages this week. However, the good economic news is pushing up harder than the Fed can push down…so rates did tick up a bit. But we are still in the ‘lowest of all time’ zone. I have people ask me EVERY DAY, “Well, should I wait? Do you think rates will get better? So and so said that rates will drop to 2%”. And what I don’t say back, but I will say to you my dear readers is: “WHAT?!!? Are you STUPID? you’ve just been given the lowest rate of ALL TIME and you want to risk that on the hope that you’ll get just a little more. You greedy fool…it’s like someone gave you $1,000 dollars and you decided to keep walking in hopes that the a guy in the next block will give you $1,010.” Go figure.
This week Freddie Mac’s 30 yr. fixed rate survey came in at 3.94% with points and assuming good credit.
WR Starkey Mortgage, LLP NMLSR # 2146
10 E. Campbell
Edmond, OK 73034