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Unemployment Rates are dropping and the economy is adding jobs. Mortgage rates will hit their highest levels of the year. It's time to lock a mortgage rate.
A year ago Thanksgiving, mortgage rates reached an all-time low. We're approaching those same all-time levels again. But unlike last year, rates should stay low for longer than an hour or two. Mortgage rates will be suppressed until such time as consumer spending returns.
With Summer over and trading volume back to full strength, the market is turning a corner. It's increasingly clear that economy bottomed out sometime between February and May and Wall Street is no longer waiting for the other economic shoe to drop. Fed Chairman Ben Bernanke validated this position, saying the recession is "very likely over".
