The week leading up to the NFP is always interesting. The week started off with the lowest rates on record. However, they started to increase as the week progressed. With Non Farm Payrolls posting their best showing since Dec. 2007, fixed rate markets took a hit. These markets directly impact mortgage rates and prices have moved up quickly.
What started out Monday at 4.5% is now up to 4.875%. Just goes to show you that when your loan officer urges you to lock your rate, maybe you should. Still any rate under 5% is excellent by historical standards. Rate movements this week show how market dips can and are short lived. Take advantage now and lock your rate while sub 5% is still available. If rates improve, chances are your loan officer can pass on some if not all of the improvement.
Posted by: Mike Owens Partner/Mortgage Planner at Horizon Financial, Inc. Mike can be reached at (864) 907-2678 or by e-mail at MOwens@HorizonFinancial.org
