If anyone has been following the market and hesitating to make a move in hopes that the rates will decrease, we have another great day today. The volatility we have been seeing the last few weeks in regards to interest rates has been very dramatic, quick and aggressive. Up one hour and down the next hour. Overall, lenders have been holding off on dramatically dropping interest rates until more forecasts and accurate news developed. Today is just one of those days where all the economic news throughout the weak ranging from last weeks un-employment data and the auction of the 10-year Treasury Note to the lack of movement in the CPI (Consumer Price Index) report cannot be ignored. We are already seeing the rates as I am typing this. The yield is currently down to 3.416. What does this mean? Well, about a month and a half ago, the rates were the lowest we have seen then so far this year and they lasted for a very brief moment. The yield was around 3.52. Although I do not expect the rates to be as low today, I would not be surprised if they are the lowest we have seen in the last 3-4 weeks.
There is no question…if I were interested in refinancing now, I would lock today.
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