- Mortgage Rates Drop Back Near All-Time Lows
Mortgage Rates as European markets, and to a lesser extent, domestic economic data, dragged bond market interest rates lower. Rates were generally higher in the last few days following the FOMC (Federal Open Market Committee) Announcement, but today’s improvements in the mortgage sector bring rates very near their all-time lows. Some lenders’ rate sheets are equivalent to Monday’s while others are not quite there yet. In either case, the actual interest rate quoted is likely to be the same between today and Monday with only small variations in closing costs (or credit, depending on your scenario). Best-Execution remains at 3.625% for Conventional 30 year Fixed Loans.
Long Term Guidance: We’d continue to advocate not trying to “get ahead” of current market movements as a high degree of uncertainty is pervasive. While it’s a reasonably safe assumption that European concerns will generally help rates stay lower than they otherwise would be, that “otherwise would be” part is very much a moving target. Best bet is to focus on the fact that rates are at their all time lows, and can change quickly based on events that aren’t “scheduled” or able to be forecast. Risk vs reward for floating vs locking looks a bit larger than we’d like, but not out of the question for those who understand the risks and have an exit strategy if things don’t go their way.
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