What is Happening in the Mortgage Market

Mortgage rates continue to hold at 40 year record lows - but for how long?  15 and 10 year rates are so low.  If you are even thinking of trying to find ways to save money - you should call me today for a free mortgage review.

Tomorrow brings us the first data with the release of May's Existing Home Sales report. The National Association of Realtors will give us figures on home resales late tomorrow morning. This data helps us measure housing sector strength and mortgage credit demand, but it usually takes a large variance from forecasts for it to cause a noticeable change to mortgage rates. It is expected to show an increase in sales from April to May.

Overall, it appears today may not be the quietest day of the week after all. We will likely see more volatility this week, particularly Wednesday afternoon when the first relevant Treasury auction is finished and the FOMC meeting adjourns. The same goes for Thursday with the week's most important data being released during morning hours and the 7-year Note auction results are posted early afternoon. So, while today is an active day for rates, it probably will not be the only one this week. Proceeding with caution would be a wise move if still floating an interest rate.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

I really appreciate referrals so if you know of someone that could use my help, please ask them to call me.

Richard Woodward     972-661-51396