Is there any rush to lock rates now that the Tapering is postponed? Will market rates still go up?

because there are so many things that can move the market, no one knows for sure.. but yes.. tapering is postponed, and the market responded positively to it, however tomorrow, some other financial news can come out that can move the market in the opposite direction and BAM.. there go rates again.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

This is a very loaded question Anthony. The short answer is 'who knows'. Rates are set by the bond market and there are many factors besides today's news that will impact bond prices. Certainly the little improvement we saw in rates today is encouraging but my advice to clients is still the same as it was 25+ years ago. If you are happy with the payment and can close within the lock period then lock and don't look back. There's no way to determine when rates have bottomed until they go up, then it's too late. And rates always tend to go up much faster than go down. I hope this helps and good luck!

The slight improvement in rates may not last. Move quickly.

There are many things that effect rates. Any one of those could cause rates to vary. Often we can predict rate hikes but just as often there is no warning. Waiting is always a gamble. If you are willing to take the chance you can wait and hope the market is in your favor.

10 year Treasury is at 2.71 this morning. This is a 2 month low. Lock now do not hedge your bets on even more rate improvement. Tapering did not start now but will start soon.

When to lock is almost exactly like trying to guess what the stock market will do. The best recommendation is to take advantage of any dip in rates and move on - you never know when the lowest opportunity was until you are looking back. Rates were much better back in May but there were still people sitting on the fence waiting/hoping they would go lower. We offer a free 1x floatdown of your rate lock. pdumouchel@primelending.com - Good luck!

Urgency to lock your mortgage rate is all relative to what stage you are in the home loan process. This is conversation that you should have with your mortgage banker who can have an open discussion as to the appropriate timing to secure your mortgage rate.