Rate Drop!
What a week for interest rates with one of the biggest drops we have seen in a long time! So let’s break down what happened and how you can take advantage of this small window of opportunity while it lasts! The Consumer Price Index data came out yesterday which is an indicator of inflation; and the numbers came out better than expected, which is why we’re seeing optimism in the market. This ultimately led to a huge drop in mortgage rates by over 2.5 points since Monday. What this means is that if you locked in a rate in the last few weeks on a purchase or refi, there’s a great chance you can either renegotiate your rate with your current lender or simply switch to a new lender at the lower market rates. Make sure to get a second opinion either way. Now we know that markets tend to overreact which is why there’s no way of knowing how long this window of significantly lower rates will last, so make sure to act fast and give us a call!