Mortgage Rate Black Friday Sale
"There have only been two days in the last 18 months where mortgage rates have been as low as they are now," said Gibran Nicholas, chairman of CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. "Mortgage rates are determined by mortgage bond prices in the bond market. There were only two trading days in the last 18 months where mortgage bond prices have been better than they are right now."
This is really good news for homeowners and homebuyers who may want to refinance or buy a home in the next few weeks. The problem is that most Americans are likely to miss this opportunity because thinking about mortgage is the furthest thing from your mind over a holiday weekend like this.
Nicholas said the reason for the recent drop in mortgage rates is less than stellar economic news (more people than expected filed for unemployment) and heavy demand for mortgage bonds as the end of the month approaches. Also, trading volume in the market is lower than normal going into Thanksgiving weekend. This exaggerates prices movements, which opens a small window of opportunity for people who act before volume picks up again next week.