First Time Home Buyers
New week, old story.
Mortgage rates improved yet again last week on continued bad news out of Greece, now to the point where it is impacting the entire Eurozone.
These are the best rates, ever. Period. It explains yet another Chicago refinancing surge. Very simple reality check: The last few times that mortgage rates have been at these levels, it lasted for hours. We’ve already exceeded that by a few days.
Europe is a mess, but that’s already been priced into the market. Anything short of Germany actually pulling out of the EU is already accounted for. The US economy continues to expand at a measured pace. When mortgage rates move, wow do they have room to go up.
Mortgage Rate Predictions | This Week
Talk about a full economic calendar (again):
- Monday : Existing Home Sales data
- Tuesday : Case-Shiller Index; Home Price Index
- Wednesday : New Home Sales data
- Thursday : GDP
- Friday : Personal Consumption Expenditures
Each has the power to significantly move the market. We’re also creeping in on a holiday weekend. Long-term readers know that holidays equal volatility. As volume drops and volatility increases, mortgage prices will fluctuate more erratically than normal. When loan rates are at their best levels ever, don’t think too long. You don’t have much to gain and you have plenty to lose.
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