First Time Home Buyers
Mortgage rates for common first time home buyer programs, including FHA and conventional loans, improved last week.
The Greece & European mess continues to push money into America for safer investments. With more money coming in, it’s helping push mortgage rates lower…for now.
We’re back at the lowest mortgage rates of the year. Levels that we have seen twice this year and immediately jumped higher.
This week’s mortgage rates will be influenced by an absolutely loaded economic calendar. There is home builder sentiment, building permits and housing stocks to gauge housing. We’ll see the price index for both producers and consumers this week. The we’ll get the always-influential jobs reports and Fed minutes from last month’s meeting. Volatile. All week.
We’ve seen mortgage rates get this low in 2010, twice. Once in February, once in March.
Interest rates immediately reversed and jumped higher.
If you haven’t guessed already, our predictions this week are for volatility that ultimately could end with higher rates. If you’re considering whether or not to lock a loan, you stand to lose very little by locking today. Rates have NEVER stayed this low and, worse, when they have moved away from these levels, it’s been to the order of 0.5%, not just a 0.125% increase.
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