Mortgage Rates April 14th, 2008
Mortgage rates bounced around last week in a .25% range but there were no major changes. They just kept bouncing back and forth in that range. Hopefully we can keep some stability this week. We remain near the lowest levels of the past 5 years so there really isn’t too much room to get better. I have a lot of clients right now who are hanging on for “better rates”. I just don’t think it is going to happen - but if I knew for sure I would be in Vegas making billions.
Keep an eye on the stock market, if there are any strong surges it will hurt interest rates. Other than that we need some bad economic news this week if we are going to push down to lower levels. I don’t think we will get any lower, I just think its a question of when they will get worse. If we see any positive economic news or inflation talk, they will get worse and quick! That’s the problem with being at historic lows for interest rates, they have no where to go but UP unless we see even more significant ecnomic problems.
When the mortgage bond market opens in the morning, I’ll give an update of where we stand. Good Luck!