The Week in Review:
Home mortgage interest rates continued the climb uphill last week – the third week in a row. Mortgage rates went up about .125%.
What to Expect:
The recent climb in rates has happened for two reasons. First, there is a more relaxed feeling about the European debt crisis. Meetings of Euro leaders the past few weeks have provided a more hopeful tone than previous meetings. Second, US economic reports have been favorable and many 2nd quarter earnings announcements have been beaten estimates.
While this has given optimism to the market, it has caused money to flow from bonds and caused mortgage rates to move upward.
We remain in lock mode until we get a catalyst to change mortgage market direction.
For transactions closing in:
Next 7-15 Days: Lock
Next 30 Days: Lock
Next 30+ Days: A rebound is possible. The safe bet is still to lock.
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