Renae Stucki Realtor is happy to report mortgage rates fell last week. After economists and analysts predicted steady increases in the rate, the direction shirt is a welcome reprieve.
The modest drop occurred last week following the weak jobs report. Although this report typically has a bigger impact on market movements, it’s largest impact was felt by the mortgage rate.
The rate has seen some fluctuation since January with trend downward, but most consider this movement a correction of the rapid increase toward the end of last year. However, the overall prediction is an increase.
Still, one has to wonder if this will be the case or if there is continual movement left for the rate to go down. Sadly, although it did impact the mortgage rate, the weak jobs report isn’t the bell weather analysts were looking for and doesn’t give us a clear idea of what’s ahead.
It’s important to watch the Fed and other economic reports to see if we can predict the direction of the rate. But for right now, it’s a good time to jump in a lock one down. You may think it’s a good idea to wait and see if it goes any lower, but it could also go higher. At 4.375% the rate is already higher almost a full point from last year’s 3.25%
Call Renae today and let us help you get pre-qualified for a home loan and lock in a rate now.
