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May 23, 2012: Where Are Mortgage Rates Now?

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Where Are Mortgage Rates Now? Today has been a quiet day on the mortgage front. There isn’t a whole lot of economic news being released this week and the New Home Sales data that was released today didn’t have much impact on mortgage rates, which have improved slightly, regaining fractional losses that occurred yesterday.

The market is waiting for Jobless Claims data that is being released and keeping an eye on Europe, as has been the case for many months.

Europe in the Spotlight… As Always

Market watchers continue to keep an eye on Europe and any new developments coming out in regards to whether or not Greece will be making an exit from the EuroZone. Confirmation that such an exit is possible has come from Greek Prime Minister Lucas Papedemos, who also noted that such an exist would be disastrous for Europe and Greece alike.

The continuous threat of debt insolvency in Europe has played a major role in keeping rates at or near all time historic lows for many months. Significantly bad news coming out of the Europe could rock mortgage rates down to yet new all time historic lows.

Mortgage Rates: Should I Lock Now?

Mortgage rates are currently near all time historic lows and have been for many months. There is likely more upside risk, should rates move upward then there is downside risk if mortgage rates hit new lows. One thing is for sure, mortgage rates will move up more quickly then they have been moving down when they do make a move up.

Locking in your mortgage rate now is probably a pretty good idea but we can confirm this with you when we know more about your specific situation. We can also help answer any mortgage questions you might have and put together a mortgage strategy that makes the most sense for your needs.

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Trace Richardson has written 638 articles on BankChirp.com

I'm Trace Richardson and am the founder of LeadPress. I’m a licensed California Real Estate broker and a former equities trader previously holding the Series 7, 63, 55 and 24 securities licenses.

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