The Taylor Bean & Whitaker news is a blow to a mortgage industry already struggling with higher interest rates. Friday’s could-have-been-worse jobs report sent Treasury yields to their highs of the year. Futures are pricing in a Fed rate increase by the end of the year. Though the economy could still stumble – where is the real growth going to come from – rates could push higher this week. The market is coming to grips with an economy that is no longer on the ropes. In the months ahead, it is likely that mortgage rates will be range-bound, pushing towards 6.00% when the economic news is good, and falling back to 5.00% when the news is bad.
So this isn't anything new to me! Rates have been on the rise slowly so there is really no time like the present to get your loan in process if it makes sense for you. The key to getting the best rate is having your loan in process so when the rates takes a dip we are in a great position to lock, maybe even on a 15 day which is always a better price.
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