What’s The Current Trend In Mortgage Rates?
Mortgage rates remain unchanged.
What’s Happening In Financial Markets?
With no major headlines and economic news from around the world, mortgage bonds remain unchanged today. However, President Obama’s State of the Union Address may impact the markets tomorrow should he speak of economic recovery.
The housing market seems to be on the uptick as the National Association of Realtors (NAR) has reported that the national median price of a single-family home has increased by 10% since February of 2012. This increase is the largest since the end of 2005 before the “real estate bubble” burst. This does not mean the housing market has fully recovered, obviously.
How Does This Affect My Rate?
Again, rates have been relatively steady given the economic climate. Yes, we are experiencing market volatility on a daily basis; however, historically speaking, rates are quite low. Is there upcoming news that will affect the market? Absolutely! As unpredictable as the market has been, we just don’t know when that time is. Short-term: Lock if you can. Longer-term: Hold tight and get ready for the ride.
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