The Week in Review:
News Flash… Rates did not rise last week (applause). In fact, mortgage rates decreased slightly. After a long run upward, mortgage interest rates appear to be taking a breather.
What to Expect:
We obtained some breaking news over the weekend about possible bank failures in Europe. The headlines once again bring the European debt crisis back to the limelight. The uncertainty should help push mortgage rates down this week. Don’t expect a major decrease but the betterment should help those in a position to lock in rates.
There are several reports and events this week. The biggest is the Fed meeting and policy announcement Wednesday afternoon. I think it is prudent to bank the gains and lock loans before Ben Bernanke speaks Wednesday.
For transactions closing in:
Next 30 Days: Lock
Next 30+ Days: While we could see rates move downward, locking is the conservative route
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