Hope & Resolve for Worldy Disorder Led to Higher Rates Last Week

Hold on now, rates are still historically low! But read on for details on why they’re higher…

Mortgage markets worsened last week as nuclear meltdown concerns eased across Japan, and the war within Libya moved closer to a potential finish. Remember, good news for the economy is generally bad news for the mortgage markets.

Wall Street voted with its dollars, and a return to risk-taking emerged. “Safe haven” buying softened last week and, as a result, conforming mortgage rates in Iowa made their biggest 1-week spike since late-January.

Mortgage rates remain historically low, but well above their November 2010 lows. If you’re still “kicking the tires” on a refinance, it might be time to finally lock something in before the savings disappear. If you need help with your refinance or purchase loan, I’d love to help. You can call me at the number listed on the right hand side of this website or email me at Tyler (@) TylerOsbyTeam.com (to fool spam bots, I have to type it funny. I promise).

Specifically, What Did Those Reports Say?

Each week, I put up an economic calendar of news coming out that following week. Here’s the what actually happened with those reports last week:

What Impacts Mortgage Rates?

If you’re looking to purchase or refinance a home, it’s important to know what moves mortgage rates. There are normally two major things that impact the direction:

Economic News. (Like the calendar above).
International News. (major events, pending legislation, war related news, etc).
Stock Market. (Money flows from equities (stocks) to bonds when it seeks shelter).

What Are Rates Based On?

It’s been mentioned before, but as a common reminder – mortgage rates are only based on one thing, Mortgage Backed Securities (MBS). The only way you have access to these is through live bond quotes.

Looking For Mortgage Rates?

If you’re looking for specifically what mortgage rates are doing, I’d be happy to help with a custom rate quote. Each scenario is different (there are 27 different factors a mortgage rate is determined by). If you or someone you currently know are looking for a mortgage, I’m here to help!

Information without obligation. That’s my policy. If you like what you hear, my team and I would love to help you out with your mortgage! Our contact information is on the top right hand side of this page!