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Mr. Deeds: [Stepping into an elevator] So how's the elevator business treating you, Reuben?
Reuben: It has its ups and downs.
It's been a stomach-dropping ride over the past two weeks for mortgage rates, mostly because traders can't find the answer to the most important question facing mortgage markets:
Are in the midst of inflation, or not?
Everytime we see strong data in one sector of the economy, there is weak data to offset it somewhere else. This week's tame Consumer Price Index, for example, showed that maybe prices aren't increasing as fast as expected.
So, what's a regular dude to make of it all?
If you're rate shopping, it may be better to just lock in your rate today and hope that rates don't drop. Rates have been so erratic that waiting even one extra day can cause your mortgage rate to jump by as much as 0.250%.
We've seen that twice in the past three weeks.
There's no significant economic news until the middle of next week, but outside market forces such as politics and/or oil always have the ability to jolt mortgage rates.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
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