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Mortgage Rate Update 8/24/2012

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Rates remain near all time lows and anyone who has not looked into refinancing in the last three months needs to give us a call to find out how much they can save.  In the last month mortgage rates have followed the bench mark (10 year treasury) from it’s all time lows at 1.39% up to 1.83% where rates bounced back down off the 150 day moving average.  I don’t see rates moving up through that 150 day moving average until a piece of news leads rates higher.  That news could be election results, the fed not announcing new stimulus in September or great economic news like unemployment dropping.  I don’t claim to have any special insight into any of these news events but with the news that is coming out in the next couple months now is the time to take advantage of low rates.  If your wondering about locking your loan in the near term the obstacle to be aware of is Bernake speaking at Jackson whole on Friday August 31, 2012.

 

 

Below is a 6 months chart of the 10 yr treasury with the 150 day moving average

 

 

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