LIME REALTY GROUP likes to keep you up to date on the mortgage rate and we do, but sometimes, it feels like we’re just repeating the same info over and over. That’s because the fluctuation in the rates has been minimal for some time now. However, lately, that trend has changed…
Right now, a 30 Yr Fixed Rate Mortgage is at 4.28% That’s up 0.03% from yesterday and is a new 9-month high. Well, at least this week’s latest high. You can account for these highs if you watch the movements on the bond markets. The main bond markets are moving in a similar fashion to the mortgage bond market. And those markets have been extremely volatile over the past 3 days. That uncertainty and extreme movement makes it more expensive for lenders to guarantee any given rate and that’s why they’re charging more, thereby setting the new highs for the week.
So here’s where you’ve heard my song and dance a million times and I’m sure you’re asking yourself, why should I listen now??? Well, I’m going to tell you…
I’m suggesting taking a defensive position. As a buyer, don’t play Russian Roulette with the rate. Lock one in and hope when the time comes, you can trade down, but be prepared for it to continue to move up. Lock early, and plan on the rates moving higher for now. But remain optimistic and hope it will move in your favor when you’re ready to sign papers. There’s simply not enough happening in the market to cause major upheavals and the trend continues to stress an upward climb.
Do yourself a favor, call Lime today and let us help you lock in a rate quickly and you can start shopping for that home you’ve been putting off. Make the call today!