Rates are up, rates are down… they are even going left and right. What should YOU do?
Freddie Mac VP, Frank Nothaft said that rates were holding steady.
Well Franky my man, I disagree. Yes they may have held steady considering the economic reports that were coming out, but they DEFINITELY were moving. Maybe he was talking about the Fed Funds rate that stayed 0-.25%.
2 days ago, FHA rates were at 5%, now they are creeping up to 5.75%+.
How is that steady?
Yesterday the Fed bought around $16.8 billion in mortgage backed securities. You would think this would help mortgage rates, but completely the opposite. At one point yesterday, MBS was down about 98 basis points.
Hopefully everyone has been taking advantage of the rates while they were as low as they were, but now I’m predicting a slow, but steady increase within the next 3 months. Now is the best time to have a mortgage consultant watching the market and letting you know whats going on. One bad decision can cost YOU thousands in the long run.
