Today’s Interest Rates Considerably Higher Than Last Week’s Averages

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Loan Love comments on the situation and gives advice in a new article on how borrowers can go about finding the best rates despite the increase.

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. The company also strives to keep their readership up to date with the latest news in the real estate market so that they can adapt their home loan plans and strategies accordingly. A recent jobs report that showed better numbers than previously expected has caused a quick increase in today’s mortgage rates, and this will definitely cause some disruption for those who have been planning to apply for a home loan. Loan Love comments on the situation here, and gives some advice in their new mortgage rate comparison guide.

As a November 8th report from Mortgage News Daily explains: “Mortgage rates shot dramatically higher after today's long-awaited Employment Situation Report (also referred to as "NFP" to save space and because the headline component of the report is "Non-Farm Payrolls"). Trading levels in the secondary mortgage market (MBS or 'mortgage backed securities) fell off a cliff immediately after the report, well before any lenders released their first rate sheets of the day. Lower MBS prices translate directly to higher rates. In most cases, today's rates are .125-.25 percent higher than yesterday's. The most prevalently quoted conforming 30yr fixed rate for ideal scenarios (best-execution) therefore rose to 4.375% and in some cases as high as 4.5%. Yesterday we discussed the fact that bond markets were setting up to digest the jobs report from the center of their recent range and that the outer boundaries of that range likely represented the targets for a very strong or very weak reading. We got the strong reading and rates wasted no time in moving precisely to that 3.375-3.5% boundary seen in mid October.”

Obviously this jump in rates is not good news for those who have been planning to get a new home loan, however it is not reason for borrowers to put off their plans completely. As Loan Love remarks, rates are still quite low, and not nearly as high as they were in previous months after rates took record leaps following some of the lowest percentages in years. The loan company’s new rate comparison guide can help borrowers know what to look for when choosing between different loans, which will enable them to benefit from the best rates despite the recent increase. The Loan Love guide says:

“With so many lenders offering mortgage products today, it can be difficult to know which loan is truly the best deal for you. Fortunately, there are a few relatively simple ways to compare mortgage interest rates, and taking the time to explore at least one of them could mean big savings for you over the life of the loan.” And “Comparing the costs of multiple mortgages only sounds like a complicated and time-consuming task; the truth is, any of these simple comparison methods takes only a minimal investment of your time, but the results can yield huge savings for you over the lifetime of your mortgage.”

For more information on finding and comparing the best mortgage rates, please visit LoanLove.com for the full article.

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Kevin Blue
Loan Love
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