RateWatch ALERT – Friday Sept 10

As you are doubtless aware, rates have been absolutely fantastic for about three weeks.  We have seen rates tumble from already ridiculous lows to unseen and unheard-of low 4% ranges.

That appears to be over.

The last three days the market has moved in the wrong direction every day, and today is no exception.  RateWatch sees that the benchmark bond is off 38bps, which is enough to move rates higher when coupled with the loss of 70+bps over the last couple days.  I believe that we have seen the best pricing we’re ever going to see.

If you have been holding your fire on doing a refinance, or you are purchasing a home but have not locked your rate yet, you had best get on it quickly.  Rates will have moved to 4.5% this morning, edging toward 4.625%.  If your credit isn’t perfect (or your loan has other quirks), your rate will be higher yet.

Sorry to be the bearer of bad news.  But we all knew this wasn’t going to last forever.

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