Interest rates have been on a major roller coaster over the past few days. The 10 year note most closely tracks the moves in mortgage rates. If you reference the attached chart you can see the volatility.
Last Wednesday the rate was at 2.217%, but as the information on China’s economic issues filtered through the market, the rate dropped to 2.05% at the end of the week. On Monday opening the rate dropped to 1.90%, but now within two days the rate jumps back up to 2.13%.
Within the last two days I’ve received numerous mid day rate changes from my lenders. When you have this kind of volatility some lenders will hedge their bets and price rate locks to the higher side, or stop taking locks.
Tomorrow can be interesting. The stock market sold off at the end of the day, and had a 600 point swing. Timing’s everything. If you’ve procrastinated refinancing, get off the fence. If the rate works for you, lock it. Rates go up faster than they go down.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me.
Ron Henderson GRI, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
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