Courtesy Tony Guaraldi, VP of Mortgage Lending Guaranteed Rate Mortgage
As you can see from the graph below Mortgage bonds are at their best levels in the past 12 months! This means most lenders rate sheets will be at their best levels of the year right now. Good time to take advantage of a refi for anyone who never got around to getting it done in the last cycle, those now enable to do so due to rising home values, or people getting towards the end of their ARM loans.
CLICK HERE for the Oct. 10, 2014 Mortgage Rate Sheet.
Also potential candidates may be folks who closed escrow on a purchase between December of 2013 and April of 2014. Of course having lower rates is great for buyers too!
One thing that gave us a boost this week was the Fed minutes from their last meeting was released. They believe inflation will stay below 2% for the next 2 years. Many of them wanted to remove the “considerable time before they hike interest rates” language from their statement. This was a driver for Bonds as it means rates may stay lower for longer. Time will tell! Other comments they made were that the Fed is cutting its economic growth outlook due to global weakness and stronger dollar.
For more information contact: Tony Guaraldi, VP of Mortgage Lending Guaranteed Rate Mortgage NMLS ID: 293894; firstname.lastname@example.org
o: 408.841.4953 – m: 408.504.3295