The Market Backs Off

Yesterday's little market dip and then snap back is a good example of how quickly things can change.

For a few hours we had 30 year rates around 5.25% and then just as quickly as they appeared they vanished in a flurry of lender repricings to the worse throughout the afternoon and early evening.

So, what's the strategy if you didn't have a chance to lock in yesterday?

I expect we might see another dip lower in the coming weeks but I don't think it will happen immediately after the next Fed meeting.  Even if the Fed does cut rates at their scheduled meeting we will likely see mortgage rates bump higher following that meeting and then make an attempt lower in middle or late February.  Look back to the most recent Fed cuts and that is how rates acted following the meetings.

If you want to make sure you don't miss out on another dip here is my advice.  Get me your info now so we can work together to get you staged to pounce.  The clients whose information I had handy and authorized me to act on their behalf grabbed multi-year lows in rates and are smiling today.

With the market volatility to continue I'll keep posting frequent updates, didn't have to for awhile as rates had become so stable. 

More to come as the story develops...

Brett