After exactly ½ day on Tuesday, interest rates improved after the Fed cut their rates. It's been all downhill since then and mortgage interest rates for buyers and people refinancing have gone straight up.
How can mortgage rates go up when the Fed lowers their rate? Well the explanation for that takes more writing than you probably want to read on a blog post. For a white-paper on the subject send an email to firstname.lastname@example.org and I'd be happy to send you one.
If you are currently in the process of buying a new home in the Spokane area (including Nine Mile Falls, Suncrest, South Hill or Spokane Valley) you may want to float your rate - the damage has already been done this week.
Predicting the movement in mortgage rates is difficult and inexact; however, your loan officer should have an extensive understanding of the underlying economic factors that affect mortgage rates on a daily basis. Choosing the right time to lock the rate or continue floating could save you thousands of dollars over the life of your loan.
For a look at current mortgage rates for buying or refinancing a home in the Spokane, Washington area go to http://www.theloanconsultant.com/
For next week's market update and lock advisory check back on Monday.