Wild Swings and Volatility
Posted On: June 18th, 2009 by James Posted In: Government Actions • Mortgage Programs • Mortgage Rates
Early June saw our Mortgage bond market drive rates up like a Rocket!…. but this was followed by a huge rally in the second week of June that gained back 50-70% of those losses. Yesterday showed us breaking through all kinds of market barriers and showing lots of strength and momentum. However, we did end on a late day slide. And this morning I awake to a very angry and moody bond market. Another huge slide putting pressure on mortgage rates. We will see some more worsening and hopefully some balancing here, but rates changing .25% in a matter of hours will likely be our market for the coming days and weeks. The rates are still VERY favorable … in the low 5% range and mid 5% range for FHA, but the volatility is creating problems with managing the expectations of borrowers. Hang on tight, and make sure that if you are looking for a mortgage, that you are working with an experienced professional who can help guide you through these very choppy waters.
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