Wow. It’s amazing what a difference a week makes. It was only a little over a week ago that I was feeling bummed that rates had gone down since I locked in at 4.875% for a 30 year fixed. Fast forward to today and my credit union’s rate has increased to 5.45% for a 30 year fixed. That’s after being down to less than 4.5% last week. Literally a full point increase in about a week. Mortgage rates seem to be fluctuating as much as the stock market.
Needless to say, I’m feeling good about the rate that I locked in. The appraiser was supposed to come check out our house on Monday but she canceled due to the weather. It has snowed over a foot at our house so it’s made driving a lot more interesting around here. I love this weather and have been driving all over the place. We finished our Christmas shopping and I even drove over to my mother’s house (about 15 miles away) to shovel her driveway. She had been cooped up in her house for a few days and wasn’t able to get her car out. My daughter and I also took her shopping and had lunch too. Good times. That’s just a short update from my part of the world. We are gearing up to host Christmas eve at our house tomorrow night and then will be off to visit family around the area on Christmas day. My wife’s parents are in England visiting our relatives there. My wife has family in London, York, Felixstowe and Ipswich and I believe they are visiting all of them while they are there, although most of the time will be spent with my wife’s grandparents in Felixstowe. (The joke there when someone asks where Felixstowe is, is to say “It’s on the end of Felix’s foot. Heh.)
Let me also take this opportunity to wish you a Merry Christmas!
This is very surprising. I am not sure what part of the nation that you are living in, that might have something to do with your rate increase. The market is still over saturated with houses right now. I’m predicting that it might bounce back down after a short time period.