Well, today’s mortgage market started out somewhat on the up side. Not enough to actually change the rates we can offer, but enough to make it a little more expensive to get the same rate as we had yesterday.
So what’s happening today?
- The stock market is recovering some today and actually looking a bit positive. Remember what I said in yesterday’s Mortgage Market Week in Review – when the stock market is going up, that’s not too friendly for mortgage rates.
- Housing Starts – were up from June of 2009 but down from July of 2008. The market is looking at that as a good thing. I’ll have more on the housing starts later today. Quick take on it: Seasonality and not enough of a statistical difference for it to be considered a trend – yet.
- Builder confidence – this goes with the housing starts. If you are a builder who is struggling and you see a pick up in starts, it’s going to make you feel better.
Is it the trend reversal that I was looking at coming? Too early to tell. But it’s definitely something to watch for.
My recommendation remains to lock all loans. I’m still pegging the chances of substantially lower rates at less than 30% and the odds of higher rates at more like 70%.
Grab it when you can get it, and call me if you need help getting it. I can be reached by e-mail at tvanderwell@straighttalkaboutmortgages.com or at (616) 292-7559. Oh, and I can do mortgages in 43 of 50 states.
Have a good day!
Tom Vanderwell
Here’s a sampling of some of the rates that I’m quoting today:
Owner Occupied purchase 10% down or more, loan under $417,000, 30 year fixed, 30 day rate lock, 5.125% with 0 pts.
Owner occupied refinance, 80% loan to value, rate and term refinance, 30 year fixed, 60 day rate lock, 5.375% with 0 pts.
Owner occupied purchase, FHA, 3.5% down, 30 year fixed, 30 day rate lock, 5.25% with 1 pt or 5.375% with 0 pts.
All APRs available upon request.
Mortgage Market Update, Mortgage Rates
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