Post From Loan Officer Olan Carder
This is always the million dollar question. I get asked more than anything else, “Where are rates? Where are rates going? What are rates about to do?”
This is a tough question for the average loan officer because although we deal with rates all day everyday, many loan officers don’t understand the economic factors that drive rates or frankly don’t have time to pay attention to it.
Fortunately I subscribe to a wonderful service that keeps me informed on these factors and world economic events. Although no one can predict for certain what the future may hold, I do get great predictions from well informed experts, and they are typically very accurate.
Right now they are advising folks to FLOAT their interest rate if they are closing within the next 30-60 days. Rates have been on a downward trend for the last month and until we see something major change in the economy or see a strong change in the trend the smart money is floating.
This means rates should stay the same or slightly improve over the next couple months. If you are in the process of buying a home or refinancing, please consult your lender directly for lock advise. Many lenders offer some kind of float down or rate protection which makes locking a no-brainer, so if you would like more info on that shoot me an email. I am always happy to help!