Houston Refinance: Bad News and Worse News in Mortgage Rates

Houston Refinance: Bad News and Worse News in Mortgage Rates

Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

The bad news is today’s rates went about 0.25% higher than it was yesterday. As today’s stock rally to about +250 points in DOW hitting a 3 months high, the 10 year yield in the bond market went up as well. The bigger the yield means the higher the interest rate in the mortgage market. As the bond market and the overall economic data affects the rates in the mortgage, today’s performance in the stock market as well as the Chinese manufacturer indices jumped this month boosted the rates in the mortgage market as well.

The worse news is that today’s market rate might be the new norm for the weeks and months to come. It might even be the lowest in the coming months. What could happen is 4.75% might become the lowest rate on the board come Friday. From that prediction, now is not a time to be playing the market. On Friday, the Non-Farm Payroll will reveal its data on the current job market situation. Betting that the rate will be better than it is now is basically betting that the Non-Farm Payroll is going to be weaker than expected.

Today’s no point market rate is:

30 years fixed – 4.75% // APR – 4.832%

15 years fixed – 4.0% // APR – 4.141%

Right now is definitely a volatile market and you can’t really predict how the market will turn for worst or better. I know I can’t or else I would be working on Wall Street. What matters the most right now is what rate will make sense for you to even do a refinance. Figure that out and let us know, we will make a note of that rate and help you find it in the current volatile market.

We also offer “no cost” refinance. Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to your mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

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