Skip to main content

With Mortgage Rates, You Can't Shop For Good Luck

Getting a good mortgage rate is often a matter of good luck. After a series of increases starting April 30, mortgage rates finally took a dip Monday. It was a welcome surprise for home buyers that went under contract over the weekend.

Same for homeowners looking to pull the refinance trigger.Versus mortgage rates on Friday afternoon, many lenders were already showing lower rates Monday morning before a late-afternoon rate sheet reprice even lower.

The drop in rates lowered annual mortgage payments by roughly $180 per $100,000 borrowed.
Rate dips like this aren't expected, of course, bringing us to the one of the most important axioms of shopping for a mortgage rate:

You can't shop for good luck. This is because mortgage rates are inherently unpredictable.
* On some days, rates are higher
* On some days, rates are lower
* On some days, rates are unchanged
Occasionally, there are days when rates are all three.

Monday's rate dip, though -- while sharp -- may not last. Early this morning, markets were pressuring mortgage rates to rise and lenders are often quick to pass rate hikes on to consumers.With a little bit of luck, you'll get your rate locked in before changes for the worse.

John Yang
Your Mortgage Consultant For Life -
By Referral Only
661-877-4656

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

CASH For Appliances - Just in Time for the holidays

CASH for Appliances— Coming Your Way SOON!! By the end of 2009, consumers nationwide will be able to take advantage of a federal "cash for appliances" program offering rebates on purchases of a wide array of home appliances certified as energyefficient by the EPA's Energy Star program. Backed by an initial $300 million in funding from the American Recovery and Reinvestment Act, the state-run rebate program is intended to help make American homes more energy-efficient while further stimulating the economy. Who Will Run the Program? Each state will administer its own cash for appliances program. The states will be free to select which residential Energy Star qualified appliances to include in their programs and the individual rebate amount offered for each appliance. What Can You Buy? The Department of Energy (DOE) has recommended that the states focus their cash for appliances rebate efforts on heating and cooling equipment, appliances, and water heaters as these products ...
Post a Comment
Read more

Proposition 8 - Can reduce your property tax bill

Today I would like to try to save you and your friends some cash on your next property tax bill. If you currently don't own real estate please feel free to forward this email to your friends and family that may benefit from Prop 8. Proposition 8 – What is it? Will it save you money? In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1. If you purchase d your home or investment property during or after 2003 your current assess ed value may qualify for a reduction. Spring is the time to utilize Prop 8 and start saving money on your property taxes! One client I counseled recently will save over $135.00 per month on their property taxes. You can save about 1.25% for each dollar of reduced assessment. For example if your property ass...
1 comment
Read more