Mortgage Rates Today, Lower?

Mortgage Rates today are being affected by three things.  Russia, Oil and the FED meeting later today.  When we woke up around 6, we had a positive opening suggested for the DOW, and the outlook for the US Bond Market was looking pretty “normal.”  Then things changed, in the middle of the Russian night, and all of a sudden it looks like Mortgage Rates today will be LOWER.

Then it looked like maybe it wasn’t so bad around 9am

Mortgage Rates Today, Headed Lower?

First Russia… in the middle of the night (Russian Time) the Central Bank there raised interest rates by more than 600 basis, in an effort to support their currency.  The current concern, according to Economist we are watching is that they could do it again tomorrow.  This is unexpected, and didn’t really work – Stock markets around the world don’t like unexpected events.  Bottom line, in most situations, you would think Mortgage Rates Today will be headed lower!

Bad news in the Economy (World Economy here) usually means GREAT news for mortgage rates.

Oil is headed DOWN, which means for us in America little worry about Inflation.  Lower gas prices mean lower prices across the board, and the CNBC announcers are saying ‘Nobody wants to try to catch a falling knife,” meaning they see oil continuing to go LOWER… and this usually means Mortgage Rates Today will be headed lower!

Yellin and the Federal Reserve Board Members are currently in their monthly meeting.  They typically give a “guidance’ for mortgage rates around 2pm on Weds.   There’s speculation that they MIGHT signal they will leave rates flat for at least 6 months longer… and this could mean Mortgage Rates Today will be headed lower!

I don’t have a Crystal Ball – however, if you are looking for the direction of Mortgage Rates Today, I would keep an eye on the 10 year Treasury Bill.  Based on the  lower 10 year TB this morning could signal Mortgage Rates Today will be headed lower!

Okay – so point made – Mortgage Rates should be lower today, but will we hit the LOWEST numbers we saw in 2012?  Maybe.  It could be a perfect storm… but here’s the point.  TYPICALLY – these dips in mortgage rates only last for a few hours.  We hit the low, then bump up, then dip then higher – it’s going to be a bumpy ride.  Don’t call 15 mortgage companies to get the best rate, because by the time you call the 10th one, mortgage rates will likely change.

How To Shop For Mortgage Rates Today

You get what you pay for!  If you are looking for the cheapest deal out there, understand that you are placing a highly important process into the hands of the lowest bidder. (If you’ve ever had a cheap hair color job or a cheap haircut – you know what I mean).  All too often, you don’t know until it’s too late that the cheapest isn’t BEST.

But if you really want the cheapest quote – head on out to the internet, and we wish you good luck.  Remember that missed closing dates in NC can now mean a FINE to the buyer.  Most internet companies do not operate in the State and do not know our laws – or even how we close loans.  If someone mentions closing at the Title Company – you know you’re dealing with someone who’s not from here, and some delays and differences in quoted closing costs and actual closing costs will likely occur.

The other thing to remember is that Mortgage Rates Today will be VERY volatile, and if you spend mountains of time SHOPPING for the cheapest quote… you might miss the lowest point of the Mortgage rates today.

Understand that Mortgage Interest Rates and Closing Costs go Hand in Hand. When someone asks me for a mortgage rate – I ask them which one they want.  I’m not being sarcastic (well, okay maybe a little) but we have interest rates from 2% to 11%.  It depends on the program and the amount of money you want to pay out of your pocket.

Many first time home buyers want the smallest amount of closing costs (so they can buy a hot new leather sofa!) and will therefore take a slightly higher interest rate – so that the lender pays the closing costs.  We work hard to offer the best advice and options in terms of the balance between interest rate and closing costs that correctly fits your personal goals.

So our advice is to be smart.  Ask questions… but don’t just ask what the Mortgage Rates today are!  You will also need to know about Mortgage Rate Lock re-negotiation policies, and Mortgage rate lock extensions.  Remember most Economists think mortgage rates will go higher in 2015, and the mortgage rates today – through the end of the year, could be last period of low, low mortgage rates!  Don’t wait!  Call Steve and Eleanor Thorne with Connect With Us on Facebook, 919-649-5058

Thinking about Refinancing?

2 Refinance Programs You might be looking for:

HARP 2.0 Refinance for folks with negative equity in their home.  House must be a Fannie or Freddie Mortgage

FHA Streamline Refinance of a Property you NOW RENT OUT!  We can do a streamline, no qualifying FHA Refinance on a house you now keep as Investment Property!

Don’t wait to get the BEST Mortgage Rates Today!  Call Steve and Eleanor Thorne , 919-649-5058