Rates Tend to Rise Faster Than They Fall

Last week was a bad week to not be locked in. Unfortunately, this week may not be much better. 

Without much data due for release, momentum should lead mortgage rates higher. Amid a few confidence surveys and a speech by Fed Chairman Bernanke, the biggest news on the week will be Friday’s Retail Sales report.

Retail Sales matters to mortgage rates because consumer spending accounts for two-thirds of the economy.  And now, with jobs data looking stronger, Retail Sales are expected to show a modest increase versus last month. 

Rate Watchers’ Best Bet is to Lock

If the data comes in better-than-expected, mortgage rates should rise — much like they did on the jobs data.  On the other hand, if the data is weak, expect rates to retreat.

So far this season, Holiday Shopping has been mixed.

Mortgage rates tend to rise faster than they fall so if your homebuying or refinance needs are immediate, it may be prudent to lock your rate rather than to wait and see what happens with the economy and this week’s momentum.

Despite getting worse last week, mortgage rates are still very low.

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.

Here’s this week’s economic calendar:

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.

Tagged as: Economy, Mortgage Rates, Retail Sales Report