March 20th, 2011 5:54 PM by Scott Bray
Rates have moved lower over the last few weeks because of turmoil in Libya & the very unfortunate Earthquake in Japan. Just last Friday the bond market has opened down slightly following another sizable gain in stocks. The stock markets are reacting to cease-fire rumors in Libya and other positive news from overseas. The Dow is currently up 118 points while the Nasdaq has gained 10 points. The bond market is currently down 5/32, which will likely push this morning’s mortgage rate higher by approximately .125 of a discount point. So don't wait Rates won't be this low for long!!
During the week of March 21st, it will be moderately busy with relevant economic releases scheduled several days. None of the week’s data is considered to be highly important, but there are a couple reports we should watch as they have the potential to move mortgage rates. There is some data being posted Monday with the National Association of Realtors releasing February’s home sales figures. This is a moderately important report that may lead to changes in mortgage pricing if it shows a wide variance from forecasts.
Call AmeriBest Mortgage today to start the process in buying a home or rush to refinance your loan at rates well below 5% for 30 year & 15 year fixed loans. You can reach us at (321) 777-7277 for any mortgage in the State of Florida!