Call Me To Buy or Sell Now Before It Is Too Late!!!

Per Sun Trust Mortgage here is a wrap up of what has happened since May 3 and what is expected to happen in the future regarding Mortgage Rates:

Tuesday, May 28, 2013  4:30 PM

“I admit this is very much like a bad dream, the bond market has been bearish since May 3^rd when the May employment report was better than forecasts.  In that time frame the 10 went from 1.63% to 2.13% this afternoon, 50 basis points and 30 yr mortgages up about 35 basis points.  It isn’t necessary here to recite all of the times we noted not to fight the tape, and that we called an end to low rates in early May.  No one needs to hear it anymore.  It is over, the path for interest rates is up and will likely continue in the future, both near term and longer term.  It took 31 years for the bond market to decline from 20% on 30s to where we are today.

Now what?  The bond and mortgage markets are technically oversold with many holders of treasuries trying to wait for a correction before selling finally had to bite the bullet today.  What to do?  The first thing is abandon any thoughts that interest rates will decline back to the lows seen in April.  The second thing to do is on any rebound (and there will be one from some level) use it to lock in anyone floating, maybe you will get what last week looked like a bad decision turn to a better one.”

It had to happen – no way the government, Federal Reserve or lenders could sustain the low rates.

THE TIME TO BUY OR SELL IS NOW.