I recently saw an article about mortgage rates and how they are currently “see-saw”ing back and forth, up and down. The article was well-written, but it points out that the market is real-time, while the media is not. The article discusses recent rate drops, but at only a week or so old it is already long-outdated and useless to you in helping you make a decision about what mortgage rates are really like right now. In this digital day and age, even hours make a huge difference in current mortgage rates.
This is why you need a professional working on your loan to give you real time data anf feedback rather than relying on non-professionals and websites to report old data.
While short reports like the one I linked can’t give you any real input, mortgage professionals like myself can see overall trends and better predict the ups and downs of tomorrow. Rates will gradually climb the remainder of the year, but we will have a 1/8 change up and down then back up and down based on normal market movements. The overall trend will be higher but there will be days or weeks where rates get lower which will be a great time to lock in. Unfortunately, it is impossible to speculate when rates will lower, but a great approach is to have your loan approved, and be in a position to lock at a moment’s notice. Working with a professional who is in tune with the market will be the only way for you to know you are locking in at the appropriate time.
