My New Blog

Yesterday we saw mortgage rates loose a little of the gain they made the previous day.  We should see mortgage rates trading over the next few weeks in a range of 4.5%-5%.  I will mention ranges because the volatility is hard to keep a handle on.  We are seeing .25% swings a few times a day.

On that note-I will write a short speech:  Finding the lowest rate in the mortgage market is like finding a needle in a haystack.  On any given day- rates will vary from lender to lender based on when the rates have come out for the day, lenders capacity and the level of tolerance for the volatility in the market.  I try to to the best to pin point the better rates in the trading range but this is not a normal market.  We are seeing an interesting phenomenon take place with investors because we have come under high volume- it becomes a supply and demand issue.  Investors are holding rates a little higher because they can't handle the volume coming through the door.

The average 30 year fixed mortgage rate last week was 5.021% -taken from the FreddieMac site which tabulates mortgage closings across the country.  We all have short memories but less than 60 days ago we were at 6.25%.  A 30,000 foot helicopter view would indicate anything less than 5% on a 30 year mortgage is the best in the last 37 years...