Rates have been rising somewhat dramitically over the past 7 days. But then, every time rates hit the lows, they have quickly shot up like a rocket, and tend to then float down like a feather. Be ready for a dip over the next few days.
Why? In news released this morning, housing starts stood at 550,000. Estimates were for starts to stand at 610,000. And that number caps the worst year for builders since 1959. In other news, weekly jobless claims stood at 589,000k, higher than estimates for a read of 548,000.
Remember, bad news for the economy usually causes a flight to safety, and bonds are the safe haven. Bonds, or Mortgage Backed Securities, rally, and mortgage rates drop.
If you are thinking of refinancing your home, or your second home in Georgia, let’s get the paperwork in, and lock on the dip in rates. You will be happy you did so, in hindsight.
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