Mortgage Rates Fall again!

If you have been paying attention to the market, you don't need us to tell you that we have hit historic lows. In an unprecedented week of falling rates, this author doesn't know what to say anymore. There was a sell off at the closing bell today so we weren't able to pocket all the gains, but that probably was more of a hedge by the investors heading into the long Columbus day weekend than anything else. In summation, the teetering economy has the FED on point with the possibility of quantitative easing at the ready. The employment numbers have seen a sharp decline in the private sector. The Mortgage Backed Securities that support interest rates have seen their prices go through the roof while the yields have fallen. All in all a perfect storm for the lowest rates on record. If you have been sitting on the fence waiting for the rates to bottom out, do not hold off anymore. 30 year fixed conforming loans have par rates at roughly 3.875 for 30 day locks....thats right 3.875%.....Enjoy the weekend, and hopefully we see this continue into the coming week!