It has been an interesting week to say the least. Here’s the “short version” of what Mortgage Rates have been doing.
All lenders have moved their rates up to be protected from the volatility in the financial markets.
Where normally a dramatic drop in the stock market and/or a dramatic drop in economic activity means lower rates that has not happened so far.
That being said, my personal opinion is that things will all settle down and when things do settle down the economy will still have taken a hit and as a result we will see overall lower mortgage rate.
The Freddie Mac Average for a 30 Year Fixed Rate reported last week was 3.625% + .70 points so up .25% from the week before but still a really good rate.
Many borrowers in the marketplace are keeping an eye on things and we’re happy to help you do that.
Hope that helps to explain the marketplace. Please let me know any specific questions you might have and we will continue to watch rates daily.