See if Refinancing Makes Sense for You! Rates Won’t Stay This Low Forever.
This week, mortgage rates may move very slowly. There’s very little in terms of economic news set for release. Mostly because markets were closed Monday in observance of Independence Day, and because the second calendar week of a month is traditionally data-slow.
On Tuesday, a consumer confidence study will be published; Thursday, jobless claims plus consumer credit levels hit; and, Friday, we’ll see wholesale inventories. That’s about it. None of these reports are particularly important but together, the numbers can show whether the economy is expanding or contracting. Therefore, it’s on trader’s radars.
In general, evidence of an expanding economy should cause rates to rise. In a contracting economy, rates are likely to fall.
Actual mortgage rates will always vary by borrower, based on:
- Property type
- Credit score
- Home equity
- Many other (25 specifically) things
If you haven’t talked to your loan officer about a refinance into today’s rates, it’s likely worth the time for a phone call. Once mortgage rates start to reverse higher, they’re expected to reverse quickly.
You’ll want to act before that move occurs. If you haven’t opened up a conversation with a mortgage professional, I’d be happy to help!
You Can Stay Updated!
I’ll be following things as they happen with live mortgage bond quotes and do what I can to keep everyone informed with live updates through Twitter.
As a Consumer, How Do You Keep Posted on the News?
I’ll do my best to keep you posted throughout the week via Twitter. If you’re interested in finding out more about what effects mortgage rates and which direction they’re headed, feel free to follow me!
Work With Mortgage Professionals In The Advice Business
It’s important to recognize that advice is extremely valuable when looking for a mortgage. The right advice can literally save you thousands of dollars, while the wrong advice can cost you the same. Some mortgage professionals really don’t know what mortgage rates are based on, period. If you want to get the best deal, having a professional that can give you that type of advice is extremely important.
Why Am I Posting A Calendar?
I provide this weekly news update because too often when we’re shopping around, we ask the wrong questions. The first thing you’ve got to have your antenna up on is economic news if you want to have any idea what direction rates are moving.
So You Say, What Are Mortgage Rates Currently?
I get this question all too often. If I’m being fair.. and honest (which is my policy). I would be doing you a huge disservice to just quote a rate.
Truth be told, there are literally 27 different factors that go into a custom rate quote. There are also thousands of programs (constantly changing as well). It’s extremely important that you are educated on what is available and most importantly what is the best mortgage plan for you to personally implement.
It’s natural to have a list of questions. I’d love to help work through them with you and educate you on what you need to know about the mortgage process. I can help with everything from how to pre-qualified to what to do after closing (where I will continue working for you)!
It’s what we do, and it would be my honor to add you to our list of raving fan clients. If you’re currently looking for a mortgage loan or know someone that might have questions about one, please have them contact me. I’d be happy to assist them. It’s literally what I love doing! I promise to take great care.
