First Time Home Buyers
A quick recap on the day. First time home buyers saw their 401(k) shrink by 2.5% and saw mortgage rates dip lower buy almost .25% today.
Tomorrow’s Non-Farm Payrolls report from the government has the potential to really be a market mover. Mortgage bonds staged a massive rally today as fear set in all around the globe.
The Dow dipped to a 3-month low, mortgage rates are approaching late November’s all-time lows, and suddenly the US economy looks like the strongest one in the globe…by default because everyone else is worse off.
We have been forecasting volatility tomorrow all week. Our mortgage rate predictions were off though: We didn’t forecast today to be this friendly to interest rates.
We’ll have a post up early tomorrow after the jobs data hits. Rates have dipped below 5%. First time home buyers that missed the window in late November have one more shot. If tomorrow’s job data disappoints, we might be back at all-time low rates. If tomorrow’s job data shows strength, lock and lock soon.
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