Hoping for better rates so you can lock down on a rate soon? Patience may bring fruition, or “the early bird gets the worm” and you missed the worm.
Moving.com reported today on their website about todays bond market and how it will affect today’s rates and why. They did a good job of speaking in “English” about it, so I’ll just quote them here.
“Tuesday’s bond market has opened well into negative territory despite early stock losses. The stock markets have also shown a weak opening with the Dow down 130 points and the Nasdaq down 40 points. The bond market is currently down 29/32, which will likely push this morning’s mortgage rates higher by approximately .500 of a discount point over Friday’s rates. The financial markets were closed yesterday in observance of the Martin Luther King holiday.
Today’s weakness in bonds is a result of renewed concern about the supply of government debt that will need to be sold to cover the economic stimulus that President Obama has hinted at. The significant new debt that will be sold makes the current outstanding bonds less attractive to investors, leading to lower bond prices and higher mortgage rates this morning.”
Hopefully next week will bring better hope.