Current mortgage rate trends started with mortgage rates dropping. By the end of the trading day the mortgage market saw an improvement of 25bps. This means you either got a lower mortgage rate of .125% or will end up paying .25% less for the same rate as yesterday.
When there is good news mortgage rates usually rise and vice versa. Well, not today. Today both the stock market and the bond market rallied. This is a rare event as they usually work opposite of each other.
Eveyone is waiting for the FOMC meeting tomorrow but more importantly Fed Chair Ben Bernanke will host a 45 minute meeting after the FOMC meeting. Not sure if it is propaganda to try and convice the American public that everything is great or a serious conversation about what to do moving forward.Ben's remarks will likely affect mortgage rates and the stock market so stay tuned.
If you are looking to buy a home or refinance an exsisting home what are you waiting for? Mortgage rates are low and homes are cheap. If you are waiting for people to give them away, they won't so get it while the gettin's good!