I almost locked in a low rate 8 days ago for refinancing my mortgage (7/1 ARM). But I chose to wait for even lower rates end of the month. Today the Fed lowered fed banks rate by another 0.5%. I call my loan officer and to my horror find out that rates have been going up since last wednesday and it is up by nearly 0.75% today comapred to early last week!!! He said something about bonds selling off and people getting into stock market. I couldn't believe it. Is it possible that we have seen the lows of mortgage rates for a while now?
- posted 11 years ago