Mortgage Rates finally ease!

As was forecasted,  last week rates and rebates remained relatively stable, with slight variation through the week.  Even the release of the FOMC meeting minutes from 1/30/13 on Wednesday didn't cause much of a stir.  There were no surprises to cause rates to move either higher or lower than we anticipated and called for.

This Week's Mortgage Rates Forecast
Risks Favor: CAUTIOUSLY FLOATING
This week for consumers who are 2 weeks and further from closing, we will continue to look to float, being ready to lock interest rates with any sign of rate deterioration.  For consumers who are within 7-10 days of closing, locking is probably the safest measure because there will be no time to recover lost ground in the case of a deterioration.  We will not likely see drastic interest rate movement, but we will probably see pricing fluxuation throughout the week.

BOTTOM LINE:  This week, consumers should stay in close communication with their MLO and be ready to lock in their rates on signs of weakness, or ready to capitalize on rebate improvements if the market improves.  Don't look for much of a true interest rate improvement though, the market doesn't look like it is quite ready to allow for that yet.