Early Alert: Lock Your Rate Advisory

Percent growthThe most important economic report of the month, the Jobs Report, has come in this morning, and the news is GOOD for the economy/BAD for mortgage interest rates.

The report shows that hiring has increased above expectations. This good economic news means mortgage interest rates will be going up as well.

Based on that, I expect mortgage lenders to be showing interest rate price increases this morning. Yes, again! If you have a purchase contract, my advice is to lock in your rate ASAP this morning. If you do not yet have a purchase contract, you cannot lock in your rate, because rate locks are tied to a specific property address.

This is just my opinion and not a guarantee. Make your own decision about locking or floating your interest rate based on your own opinion.

If you know a home buyer or home owner refinancing, please alert them to this information as well.

 

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