Good Afternoon,
Today is an incredible day to jump into to considering refinancing! The 10-year bond yield is down again and it has helped to lower mortgage interest rates for the third straight day. How much lower can they go in our current distressed market? Will they creep back up?
Here’s the inside Dripp…
Factory Orders for July came in higher than expected primarily due to the increased demand of the commercial airline industry, heavy machinery and certain commodities. However, this was not enough good news to spark a stock market rally. In fact, investors looked at this report as old news considering we are already in the month of September. They are also expecting automakers to report less than favorable sales for August as well as a continually deteriorating employment report on Friday.
So do you lock in an interest rate?
Our suggestion is to wait until Friday to lock after the most important data of the week is release…the monthly unemployment situation. But also be prepared to make a move today and tomorrow in case drastic changes in the market occur. Being ready to lock is very important if you are going to catch the limited opportunities that present themselves.
Simply Put: Mortgage Interest Rates dropped again today because even though the manufacturing sector of the economy showed better than expected results. This happened because the report is from “way back” in July and investors are expecting bad news from the automakers and the employment situation due on Friday. This week can be the lowest interest rate week we have seen in months, so be prepared to lock into a rate if you are refinancing or purchasing a home.
If you would like for us to quickly help you see what you qualify for, fill out the following information and we will give you a call within 5-10 minutes. We have also added a new chat feature allowing you to contact us with any questions right now! CLICK HERE TO ACCESS CHAT
Leave a Reply