Wild Ride for Atlanta Mortgage Rates

Rates have been all over the map over the past 2-3 months.  We had a fantastic rally in December and were able to get many of our clients into a no closing cost loan to save them money each month.  Rates came back up in early January, then with recession fears on the horizon, we had another rally in late January where we saw the lowest rates in 3 years.  Some clients who were in our RateWatch system were able to nail the bottom of that cycle and get in at no closing cost rates on a 30 year fixed as low as 5.5%.

Unfortunately, all good things must come to an end.  The past 3 weeks have seen rates climb by over 3/4%.  Many clients missed the boat while waiting for "the bottom".  As I always explain to clients who want to float, no one knows we hit the bottom until it is in the rear view mirror.  Always take your money off the table whenever you can get 1/4% or better by doing the no closing cost loan.  It's a no lose situation since you aren't putting any skin into the game other than a couple of hours of time to gather paperwork and close the loan.

The good news is that the economy appears as though it is still faltering.  I anticipate another bond rally over the next few months and I believe we will see another excellent refinance opportunity.  If you have not already done so, I encourage you to give us your basic information and get into our RateWatcher program.  To get started, just take 2 minutes to fill out our form here:  http://www.primacymortgage.com/mortgage-management-form.html.  We'll watch the market for you, and when we hit your target rate, we'll get you locked into that rate immediately.