Mortgage Rates Show Steep Decline This Week

Mortgage rates were down nearly 50 basis points week-over-week (.5%) as the Fed cut borrowing rates and pumped a whole bunch of "dollars" in to the financial markets to improve liquidity. Such a massive swing shouldn't be taken as a trend, as rates have been all over the board in recent weeks. As we learned in the past you definitely want to take your money off the table when you're doing well with interest rates. They can easily turn around and bite you with a poorly-timed spike. I say lock now, take your low rate and be done with this market. Update: See that? As I type this mortgage bonds are taking a turn for the worse, rates should be worsening today. Pick up the phone and lock your rate - pronto. From Market Watch on the big drop in this week's mortgage interest rates: The 30