As I shaved this morning and enjoyed my daily dose of news, sports and weather complete with traffic and weather every ten minutes, I braced for the monthly employment report. I was undertandably nervous because a better than expected job number, while wonderful for the US economy, could leave you standing on the platform watching the refinance train pulling out of the station. To my dismay (I felt my stomach tighten), the jobs print was huge, over 100,000 new jobs and the unemployment rate down a bit. The indication was that the stock market would open UP, huge. As I drove the kids to camp (a morning ritual), I played the report over in my head. How bad would rates be hurt today? Who hadn’t I spoken to yet? Mortgage rates are a funny animal. The banks are quick to take them away, but very slow to lower them in your favor.
What a difference 10 minutes makes — you’ve got to love the 24 hour news cycle — as I pulled into my driveway, I got an alert on my phone that said that the stock market had shaken off the “positive” jobs report and sold off. A 100+ gain in the stock market quickly turned into a 20 point loss. Rates aren’t out as I type this, but they will be soon. I am hoping the lenders give you another chance to refinance. Are you ready? Call me, 847-920-8030.
To paraphrase a favorite movie, mortgage rates move pretty fast, if you don’t stop to call me, you could miss them.