Current Mortage Rates Are Higher Than Early Last Week

This is a confusing time for making mortgage decisions.  Working with a Certified Mortage Planning Specialist is more important today because we watch the market and belong to services that help to decipher the market so we can advise you on when to lock and when to wait. 

Just days after rumors that Morgan Stanley might be another Wall Street casualty, Japan's Mitsubishi Financial Bank announced it will purchase 10% to 20% of the company. This indicates that the government's plan to stabilize the financial sector appears to have done its job initially.

One thing to keep in mind, however, is that the recent actions by the Fed could be viewed as inflationary. This may be why we are seeing commodity prices soaring this morning, while the US Dollar is under selling pressure.

Currently, Mortgage Bonds are trading near an important level of support. Overall, the recent moves by the government could lead to lower rates within the next few months. But, in the short-term, the market will be volatile. For today, Bonds appear to be moving lower; therefore, I recommend locking. I will keep you posted of any changes.