People ask me about mortgage rates when they find out I’m a real estate broker. I know more about popular neighborhoods in Raleigh and marketing homes than I do about mortgage rates, but today I’ll share a bit about what I do know: The phone numbers of a couple of great mortgage lenders in Raleigh.
Mortgage rates have been volatile over the past 5 years or so as residential real estate sales plummeted and stabilized. The lenders I work with update me regularly so I’ll have an idea of what they are telling my home buying clients. I received an update this morning and here’s what Pat Wynn Shared:
Below is a graph for the movement of mortgage bonds last week and this morning. Up is good. That means the bonds sell at a higher price which lowers the yields and results in lower interest rates. Knowing this information is key in deciding when is the best time to lock a rate. Not knowing is like trying to find good sweet tea in Wisconsin. Armed with the proper information you too can make great decisions.
Consumers in the US are a driving economic force. Economic analysts try and predict future spending patterns of consumers to gauge economic activity. Here is a chart showing a number of reports analysts use and what my mortgage partners pay close attention to when advising their clients: