Mortgage rates have been bouncing at historic lows following Brexit. Rates could bump higher following the Jobs Report which is scheduled to be released tomorrow morning.
Today’s ADP Report came in with stronger than expected employment data and last month’s Jobs Report came in worse than expected.
My advice? I tend to prefer locking because quite simply, I don’t like to gamble. I recommend doing a gut check and deciding which is less tolerable to you: losing a lower priced rate because you wanted to wait for a lower rate or locking in a low rate now only to have rates or pricing go lower in the next day or two.
Where to start? Get a rate quote to determine if refinancing makes sense for you. Right now, I’m helping clients who just refinanced or bought there home last year. They are eliminating mortgage insurance, reducing their rate, lowering their monthly payment and/or shortening the term of their mortgage.
In order to take advantage of today’s historically low mortgage rates, you need to start a loan application. Lenders need to know your credit score (this may impact the pricing of your rate) and that you have good odds of qualifying for the mortgage. When a rate is locked, it is a commitment the mortgage company is making to the investors/banks/lenders to deliver the loan.
If I can help you with your refinance or home purchase for homes located anywhere in Washington state, where I’m licensed, please contact me.
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