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Best 2nd Chance To Buy or Re-Fi?

winningImageIf you know me I usually try to write about more interesting topics than ‘mortgage rates.’ That said, a few mortgage originators emailed me today’s rates and I feel like I may be doing a service to readers by posting what’s going on.

The reason rates are really low this week may be tied to super interesting world events. The brutal truth, however, is many of you don’t give a squat about why rates are low. All most folks care about is there may be an opportunity to lower the monthly nut on the house. Thas’ it.

The lowest rate I saw today, and the one that got my attention was 3.97%. Before I made this post public, as to not make a fool of myself (being totally wrong), I found this from www.mortgagenewsdaily.com .

“by: Matthew Graham
Mortgage Rates Holding Under 4 Percent
Oct 20 2014, 3:32PM

Mortgage rates returned to levels best characterized as “under 4 percent” today after drifting higher on Friday. Last Wednesday was the first foray into the “high 3′s” in more than 16 months. Not every scenario will be seeing those high 3′s today, but for top tier borrowers, 3.875% is slightly more prevalent today when it comes to conforming 30yr fixed rate quotes. 4.0% is a close runner-up, but 3.75% may be a viable option for borrowers interested in paying higher upfront costs.

Today’s modest recovery suggests that we’re in the midst of a few days of limbo relative to the bigger picture. Historically, after a big swing down in rate followed by a big snap back (like that seen last week) there has been a time frame of a few days or even a few weeks of comparatively smaller changes before rates embark on their next noticeable move. That means that long-term optimists can keep hope alive for further gains, but also that there’s a risk they won’t materialize. In any event, it won’t be long before we know one way or the other.

It also means that both locking and floating can be justified at the moment, and neither is necessarily a bad choice. It’s worth noting, however, that today’s rates are right in line with the second best day in over 16 months. If you missed out on last week’s sub 4% rates, here they are again.

Again, I don’t know how or why rates are “below 4,” but if you missed your perfect shot at the barrel of fish last year, this may be your second shot.

If you would like names, numbers, email addresses of our lender partners in Columbia ring or text my mobile at 803-447-8683 or email fjones@cbunited.com . I will set you up with a good list.

Thank you!


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