The Mortgage Reports: 'Lock In On A Rate If You're Less Than 30 Days From Closing'
With a healthy economy keeping rates steady, The Mortgage Reports suggests that buyers lock in on a rate if they are less than 30 days from closing.
"Friday saw average mortgage rates fall again, meaning they were down on every day last week. That run canceled out all the previous week’s rises and took them adjacent to their lowest level in a month. And that, in turn, means they’re close to their lowest point in the last 12 months," says Peter Warden in The Mortgage Reports post.
"Early in the day, markets responded oddly to that morning’s employment situation report. And we called the likely direction of travel wrongly, though we did warn, 'So things may well change in coming hours.'"
Warden's report revealed that rates rise or fall based on the expectations of investors. With good economic news comes bad news for interested rates.
"In particular, look out for stories that might affect the performance of the American economy," according to the report.
"As a very general rule, good news tends to push mortgage rates up, while bad drags them down."
To learn more about the current state of mortgage rates and the forecast for things to come, click on the image above.