Mortgage Rates Are Way Less Volatile, Now Changing Just Once Every 5 Hours, 4 Minutes

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It's a terrific time to shop for a mortgage. Rates are scraping all-time lows and MBS volatility is fading.  Mortgage rates are changing every 5 hours on average -- a molasses pace as compared to June and the slowest rate since March.

Slow and low.  That is the tempo. And it suits rate shoppers just fine.

Mortgage rate volatility is a function of Wall Street.  The more skittish the investors, the more volatile the rates. This is why mortgage rates changed at break-neck speeds in October 2008, and again in June 2009.  These two periods, in particular, represented the dueling pinnacles of fear -- fear of depression in the case of the former, and fear of inflation in the case of the latter.

Today, Wall Street is convinced that the U.S. economy is in stasis pending the return of jobs and consumer spending.

Until jobs returns, or until news convinces investors otherwise, mortgage rates should remain somewhat stable. This isn't to say that rates won't rise, but if they do, you won't have to get frantic about it.  You'll have an hour or two to get your rate lock in.

Two months ago, that wouldn't have been the case -- you'd have had 8 minutes.

Meanwhile, it's tough to keep up with mortgage rates in real-time because there's a lack of public feeds.  Get the next best thing, then, by friending me on Facebook or following me on Twitter.  I post as-it-happens mortgage rate updates all day long.  If you want to be warned before lenders hike rates, make sure to follow me.

And if you want a rate quote -- conventional, FHA, VA or otherwise -- and I'll see what I can do for you.  I answer all of my own emails and my rates are very low as compared to brokers and banks.