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In case you have missed the headline financial news over the past few days, mortgage rates are once again quite low. Check it out on this video featuring Today Show finance expert, Jean Chatzky.
What caused the drop? On Thursday, June 3, the jobs report was pretty awful. The U.S. reported that 431,000 jobs were created in May 2010, however, 95% of those jobs were temporary Census positions. A poor jobs report tends to be a positive for mortgage rates – meaning rates will trend lower. The opposite is also true. A good jobs report or even the expectation of a good report can make rates rise.
In this NBC broadcast, Jean Chatzky says, “Now is the time to refinance your home.” And that’s so on the money. In this volatile economy, all it takes is a sudden tickler that gives investors a belief that unemployment has lessened and rates can rise on a moment’s notice. Did you miss the refi wave last year? Well, you have a second stab at it.
And if you are lucky enough to qualify to refinance (or purchase), make sure your rate is locked. A quote guarantees you absolutely nothing.
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Until my next post . . .
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