Mortgage Rates Up a Bit But Still at All-Time Lows

 As you know, mortgage rates dropped significantly following the government’s announcement of “Operation Twist” in late September (click HERE for more details). As I mentioned in my post right after the announcement, I felt that the drop was a “knee-jerk” reaction to the government’s announcement and it was not something that was necessarily going to stick long term.  After all, the government’s main reason for enforcing “Operation Twist” was to help maintain low rates long term and not to necessarily push them lower. 

 Client’s are still calling me saying “I hear rates are at 3.75%.”  The trouble is that they have likely just read an article in the paper or on the web with a headline similar to – “historically low mortgage rates in the 3% range.” The problem is that these kinds of news publications and headlines are typically quoting a Fannie Mae survey (or something similar) based on 1 to 2 week old mortgage rate data.  

1 to 2 week old news in the world of mortgage rates is stale and entirely out of date. Mortgage rates fluctuate daily and more recently they seem to move by the minute. Rates have increased significantly since we hit new historical lows (side note – rates are still extremely low so don’t let your clients get jaded). 

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Jeremy is the Founder of The HOUSE Team and a Sr. Loan Officer/Branch Manager with PrimeLending. Over the past several years he has ranked in the top 1% of all loan officers nationwide and one of the top 200 loan officers in America. In the mortgage industry, the devil is in the details. Jeremy prides himself on being a student and an expert when it comes to everything mortgage related.

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