Mortgage Rate Ping Pong
Jan 24th, 2008 by Ginger Wilcox
Mortgage rates dropped on Tuesday, and went right back up, higher yesterday than when they started Tuesday morning. Some lenders had 3-4 interest rate changes yesterday - during the same day! Conforming rates were up 3/8 of a percent. Some lenders stopped locking in rates because of the fluctuations.
Expect to see more volatility with rates…
Ginger,
It’s been a while ride indeed. Rates are now back to where they were about two weeks ago. So, what the market giveth, it taketh!
Mortgage rates will rise over the next few weeks, so anyone who is on the fence right now should just jump one way or the other.
All in all rates are great and when is a good time to buy, when inventory is up and rates are down.
It is amazing to think that the markets can react and re-react in the speed that it does.
I remember doing a deal where the sellers were out of state and we had to send the contract around to three siblings all over the country, it took about two weeks to get it back.
Or as I tell my kids, when I was your age I had to walk across the room to change the channel.
Shailesh- I agree, now is a great time for buyers to jump in make decisions. My head hurts from all the back and forth!
Rob- Technology can definitely be a bad thing when we look at how quickly reactions occur. Tuesday was a great example of that in the stock market Can you even imagine not having a remote control now? Or email? My treo died and it was pure torture to have to wait to check email in the office!
[...] Ginger Wilcox, a Realtor in Marin County, California, points out that rates have have gone up and down and all over the place since the Fed rate cut – She calls it “Mortgage Rate Ping Pong”. [...]
Short and to the pont. It’s been crazy! By the way, I quoted you and linked to this in my own post today, since this is just as relevant in Maryland as it is in California.