We continue to wait:
Looking back over the past 7days there has been very little change in the prices of the bonds that represent mortgage interest rates. The chart shows how mortgage bonds peaked and then have come to rest above 5.25% the last half of January and into February.
In my last blog I noted the major known factors that would give the mortgage rates the best opportunity to move lower again.
These three factors are still in play and have not changed significantly either. There seems to be no strong influence pushing mortgage rates in either direction right now.
What can you do while you wait?
Be careful not to get too greedy. Understand where the current rates and corresponding payments will put you relative to your target rate.
Don’t get too attached to the outcomes. There are no guarantees. We are waiting because the weight of evidence favors mortgage rates dropping in the near term. In the end, the market will move the rates, not our expectations.
Make sure all the conditions of your approval are back to Maureen. We would like to close in a matter of days from when the rates meet your target.