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Rates on 30 year fixed rates mortgages have jumped dramatically in the last 2 days. I’ve been searching for the reason why and still no answer. It seems as though investors are getting nervous about the amount of debt the US government is putting on the street and in reaction investors have been selling off bonds. The average rate on the 30 year fixed rate has moved up to roughly 5.5% from 4.5% last week. This is huge. My common sense tells me we will have a small pullback off that number, but this is a sign that the economy is moving in the right directions and investors are more comfortable putting money into stocks.
Keep your eyes on that market and make sound rational decisions. This may be the time to take your lumps on your mortgage application rate and lock or if you have the time you might be able to try and wait this out. I’ll give everyone another update early next week.