Rate Watch - Chris Jones Group
The mortgage industry seems to follow the “butterfly effect.” The smallest changes in one area can lead to consquences in what kind of mortgage rates we get. Certainly excellent credit is more important now than ever before, with lenders tightening their lending restrictions. Chris Jones comments on the effect the Federal Reserve Chairman has on what the stock and bonds markets do.
New day, new attitude. Chairman Bernanke’s testimony was a mixed bag yesterday, and the markets were slightly disappointed that he didn’t have anything to say about waving a magic wand and fixing things, so the Dow declined, but so did the bond market, neither of them very much. This morning the market is pulling back in stocks and rolling over into bonds, and we’re getting some of our losses back there. This is a pattern, actually - early in the week we lose ground, then get it back later on. So expect things to move a little to the better today.
Still wavering between 5.875% and 6% this morning on the 30-year fixed rate. Please note, PLEASE note, that more than ever before your credit score is the driver on your rate, even on A-paper conforming loans. The negative hits for credit score start at 740.
He goes on to outline the importance of working with professionals during this time of uneasiness. Never has it been more important to have an expert in your corner. Now is the time to take advantage of a buyer’s market and great rates. Give us a call today so we can help keep your best interests safe.
Jimmy Rex was the Keller Williams Regional Rookie of the Year in 2006 and sold more than 100 homes.