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Just to make sure I don't fall into Chicken Little territory after last week's "you better lock now" post, I thought I'd share how swiftly mortgage rates retreated after yesterday's FOMC announcement, and alert you to market improvements.
The FOMC press release hit the wires at 2:15 P.M. EST. Here is a quick look at what happened, hour by hour:
The momentum continued this morning (and figures are cumulative, not daily):
Markets have been turning negative, though, and today's gains have evaporated. Right now, we are up 37 basis points over Tuesday's close and I am getting text-messaged by my data services that mortgage rates are set to reprice within an hour or so.
Even if you miss the mid-day rate reprice today, though, the huge gain yesterday equates to a 0.125-0.250% mortgage rate improvement over Tuesday's levels and any improvement is okay by me. Considering how quickly rates spiked earlier this week, I consider the improvement a victory for rate shoppers.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
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