Okay, so if you feel that you missed the opportunity to take advantage of the low mortgage rates that were available recently, your opportunity is back today and maybe tomorrow. They are definitely not like they were this time last month, but they are amazing. There is a multi-layered reason for such a drop. 1) Weaker than expected economic news and the major stock indexes showed sizable losses early today 2) Today’s Labor market release showed an increase of unemployment claims exceeding the 350,000 forecast by 23,000, which is a wide margin. Unemployment greatly influences long term interest rates.
There are 2 reports expected tomorrow, the forecast indicating consumer’s ability to spend and the University of Michigan’s revision to their Index of Consumer Sentiment for February, which helps to measure consumer confidence. The forecast calls for an increase in income of 0.2% and increase spending of 0.2%. Larger increases could hurt rates and smaller than expected increases could help rates.
If I were considering refinancing, I would…
Lock if my closing were taking place within 60 days…
Float if my closing were taking place over 60 from now…
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