Another week of a little movement to the bad side and a little movement to the good side of rates leaves us flat…
Next week JOBS JOBS JOBS could move rates…
Monday was a holiday, so the markets were closed.
Tuesday markets were quiet waiting for the Fed meeting minutes.
On Wednesday, the Fed’s minutes indicated that they were ready to raise rates but were a little hesitant in that they wanted to wait to see more clearly what President Trump’s economic policies will be, or more importantly how they will be implemented.
Then the same day, existing home sales for January were up 3.3%, the strongest since 2007. This was interest rate unfriendly.
Friday we learned that new home sales were up 3.7%, but after a down month last month, this was interest rate “neutral” news.
With all this, interest rates remained the same.
Don’t gamble: lock in your rate.
Need to lock in for 60, 90 even 180 days? Yes, we can do that on a purchase!
Your buyer’s interest rates can be locked in, so if you have a client who is close to having an accepted offer and is nervous about rates we can lock that interest rate in.
Remember, we also have the float down: if rates improve more than .25% after lock-in and after full approval, your client gets the lower rate. All rates are quoted at a 45 day lock in and assume a 720 credit score with 20% down, except for FHA and VA.
Have a great week, and call me if you need anyone qualified.