05/19/2012 2:37 pm
Mortgage Rates
Posted by on Tue, 11/16/2010 - 11:10am
Right after Veterans day mortgage rates went up up up. The 10 year Bond went
from around 2.50% to 2.91% yesterday. That is a significant increase in the
bond market. We are all unsure of where the market is going next but based on
the current market, rates are still extremly low. One of two choices have to
be mad. Do you lock in a rate at a historically low rate, or do you gamble
and hope the market trickles back down so we can see more rates in the low
4%'s. Its a gamble. If you are refinancing your home it might be a worth the
gamble to hold out for better rates, but if you are buying a home it might be
a little risky. You do not have the time to play the rate game. The best
source of information and education on mortgage rates is with your lender.
Make sure you build a relationship with them and see if he/she can give you
daily or weekly updates. It can be as simple as an email or a phonne call.
Many people follow the bond market in hope they will have a better idea of
where mortgage rates are. This is a great tool, but not always accurate.
Again, make a connection with a good mortgage lender, and keep the lines of
commnication open.
