Source: Bankrate.com
The Fed has announced that is will be buying Mortgage Backed Securities (MBS) in an effor to lower mortgage interest rates. Even though they have made two purchases of MBS, and rates are lower, they have been quite volatile still.
On Monday, the Fed is making another multi-billion dollar purchase of the Securities. You can read more about that here. So, I am getting everyone’s docs in that I can, in an effort to lock all the loans on Monday and take advantage of the dip.
As I am calling past clients to get them ready to lock, a few have mentioned that they are ‘waiting for the Fed to get rates to 4.5%’ as was widely reported in news outlets. You must understand that it is not a magic bullet nor a hard and fast target. The only means that the Fed has of lowering mortgage rates is buying MBS, just like rates have always been determined. It is not an exact science. So, when there is a dip, lock.
Will you be ready to take advantage of these low rates and lock in? Call me: 770-518-2440. Let’s be ready.
Want to get things rolling faster, to be ready to lock. Fill out the secure, on-line app here.
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