Orlando Mortgage Blog

"What are mortgage interest rates going to do?" That is without a doubt the most asked question I get every single day. I really couldn't tell you with any certainty and those that try are simply making it up. I can say that they are generally up across the board by at least a quarter percent on fixed rates from the bottom thirty days ago. We've been in a new trough for the last two weeks at these levels. Sooner or later they will probably be going up even more as the market improves. But when? Anything other than locking at the best daily rate is nothing more than a gamble at the very least. The same person who would not risk $5.00 on a lotto ticket will float a $200,000 mortgage rate. I see it all the time. I tell my customers that rates can go up like ballistic missles on a rumored news report and down like feathers on a calm day as lenders hedge not wanting to drop too far and surpass the necessary bottom that day. Please don't guess yourself out of an opportunity to buy or refinance. An interesting article today.

4 PM Update: Earlier intraday comments. The 10 yr is now up 7 bps at 2.811%. That was enough to bump price sheets on fixed by 0.125% to 0.25%, depending on the level they started from, by late day. Trying to keep these rates down is like trying to hold on to smoke...it was there a little while ago.