After a series of increases starting April 30, mortgage rates finally took a dip Monday. It was a welcome surprise for Knoxville home buyers that went under contract over the weekend.
Versus mortgage rates on Friday afternoon, many Knoxville lenders were already showing lower rates Monday morning before a late-afternoon rate sheet reprice even lower.
The drop in rates lowered annual mortgage payments by roughly $180 per $100,000 borrowed.
Rate dips like this aren’t expected, of course, bringing us to the one of the most important axioms of shopping for a mortgage rate: You can’t shop for good luck. This is because mortgage rates are inherently unpredictable.
Occasionally, there are days when rates are all three.
Monday’s rate dip, though — while sharp — may not last. Early this morning, markets were pressuring mortgage rates to rise and lenders are often quick to pass rate hikes on to consumers.
With a little bit of luck, you’ll get your rate locked in before changes for the worse.
But don’t leave things to chance pick a professional to help you with your mortgage needs I would suggest Patty Francisco with MIG. You can reach her at 865-392-5803 or email her at [email protected] Patty does a wonderful job and you will like working with her for all your mortgage needs.
If you are in the market to buy a Knoxville Area Home consider my Preferred Partner Program. It will make you Knoxville Home Search easier and less stressful and best of all it is FREE to you as a home buyer. If you would like more details about the program please contact me at 865-696-9002 or [email protected]
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