Rate Update December 1, 2008
Mortgage rates remain low this morning.
Mortgage rates have not moved any lower since Tuesday when they touched the previous lows hit back in late January of this year. This is a classic example of a technical layer of resistance where rates cannot break through previous lows on the first try. We wouldn’t be surprised to see rates move higher before moving lower.
Looking ahead for the week not much is happening in the way of economic news until Friday when we get the monthly jobs report.
In the meantime we’ll watch the stock market and listen for comments made by Fed officials to determine the direction of mortgage rates. For now, we remain in a floating position in the hopes that last week’s announcement on the part of the Federal Government will help spur rates to move even lower.
It is still a great opportunity to review your existing mortgage with us to see if a refinance would make sense.
Current outlook: floating- definitely a great opportunity to lock