Volatile Rates

If you monitor rates on our website you will notice today that rates spiked! Rates are extremely volatile right now and today was brutal. Good news came out today that job losses were 247,000 in July. Why is this good? Well it really isn't, but it sure beats the 443,000 they were expecting. This news caused MBS prices to plummet! MBS prices as most of you know influence mortgage rates and thus here we are. We are at the highest rates we have seen for a long time. With that being said, 5.75% is still great, but everyone wants the high 4's or low 5's that have been the norm for awhile. Be sure to contact one of our loan officers for a more tailored quote for your situation. Your quote will be specific to you and there are some things you can do if you want your rate lower. Don't panic because next week were surely are poised for a rebound. Rates actually got worse everyday this week, so something is bound to happen for us soon. If you haven't locked yet and you close pretty soon, get on the horn with your loan officer and decide how to act. If you have some time, then I would relax and just keep in good contact with your loan officer so you are on the same page. When we do rebound you can take advantage and this little spike will not have hurt you.

On a side note you I wanted to comment briefly on your blog and website. We have been swamped lately and we are still working through numerous kinks on our new website design. Once these are done and everything goes live, it is our hope to keep the blog, newsletter, etc more frequent. With the new site our newsletter may not be as necessary and we may shift away from it since the new site will do a much better job at keeping everyone in tune with the market.

Have a great weekend!
Flat Branch Home Loans, Inc.