If you watched the media all day yesterday, and even many blogs, you would have seen a lot of talk about how mortgage rates were rising. You may even have rushed to lock your loans based on that advice.
Yet, while the media and many bloggers were talking about what has happened over the last week, they failed to look at what was happening right now, and that is a major problem, to say the least. Why? Mortgage rates were dropping the last few days!!!
Brian Brady mentioned over at the Bloodhound the importance of working with a mortgage professional that is watching the markets and reporting on what is currently happening, not old news. They also need to be watching what really drives the mortgage rates and not spreading incorrect information.
Additionally, your mortgage professional should have at least a basic understanding of how the markets work and how charts are telling of the future. Believe me, there are plenty of “predictions” you can make when you look at the data and the charts, such as when bullish or bearish patterns form, generally indicating which direction the markets will go.
So, a good question to ask your mortgage professional today would be, “what is happening in the markets today and where do you see rates headed based on your knowledge of the markets?”
In case you are not already aware, I provide mortgage market commentary at Florida Mortgage Daily and a weekly mortgage market update at Lenderama.
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