I'd like to welcome mortgage banker Chris Devin to the Terrier Residential real estate blog. He will be providing weekly guest posts on mortgage rates. His contact info is below if you need any assistance with a refinance or purchase home loan.
Mortage Rate Watch
After seeing rates sky rocket this week, I expect the 10 YR and MBS’s to stabilize or improve over the next few days. However, any improvement won’t likely change the longer bearish outlook.
Across all time frames of closing a loan right now I would recommend locking as the markets have shown us they are extremely volatile. The phrase “rates go up like a rocket ship and fall like a parachute” remain true.
- 30 YR Fixed Rate 4.625% 0 points
- 5 YR ARM (LIBOR Index) 3.5% 0 points