OK, so last and every week on Thursday’s Freddie Mac releases information about Mortgage Rates. Following this release, headline all over the country jump on board and share this information. Last week’s information included a bunch of info on rates hitting 20 months low’s etc… The problem is all this information in now WRONG! Why? The data itself was correct at the time of release but in the mortgage world rates are real time and constantly change with market volatility. As we sat down to Friday’s and Saturday’s news it included information that was a weekly review of rates and Not a real time review. Did it include the fact Friday’s market traded in a range that could have caused a client getting a $275,000 mortgage to spend $0 in discount points or a few hours later spend $2062.50 in discount points to obtain for this same rate? Rates are still absolutely amazing but understand there is volatility and you must have a market trend expert to obtain the right advice on when to lock and when to float because being wrong will cost you!
For more information contact Nick Russo at Towne Mortgage - Your Hometown Mortgage Lender!