Mortgage Rates Drop!
Mortgage rates saw a tremendous drop this past week! Most fixed rate program have dropped almost 1/2 percent in the last 10 days, and I think they may go lower.
Many financial experts are seeing an end to the rise in commodity prices (oil, natural gas, corn, etc…). When raw materials are cheaper, business can pass savings along to consumers and retail prices for many goods can drop. This is great news for inflation and low inflation is great for mortgage rates.
If you are closing soon I would recommend locking in over the next few days. We often see rates jump back up a little after such a strong week because the bond markets that drive interest rates will not go up or down for too long without taking a break… investors want to see what’s coming next. There will probably be a little pull back next week but if overall economic factors continue on current trends I would bet on rates going even lower!
30 Year Rates are averaging 6.000% right now.
My 30 Day Prediction: RATES WILL DECREASE
This is my opinion only and you should not make a decision about locking or floating your interest rate based on this only. You should speak with a licensed loan officer about your particular situation.
USDA Loans are available in certain areas.
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Olan Carder contributes articles to Homesfortmill.com on a regular basis. He works in the Charlotte NC metro market which includes Fort Mill, Tega Cay, Lake Wylie SC,
Olan has recently started his own mortgage blog. If you are looking for more mortgage tips and information, check out his new blog at http://charlottemortgageonline.com/.