Mortgage rates have three options: rise, drop or remain the same.

Rates took a dive this week - not just any dive, either. In fact, according to the Primary Mortgage Market Survey, rates haven't been this low since June.

That's right. It's been four months since rates have dropped this far. You know what this calls for? A celebration! To celebrate, I recommend locking in a rate while they're low.

Frank Nothaft, vice president and chief economist from Freddie Mac, provided us with some valuable insight:

"Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year. The weak employment report for September added to this expectation. The economy added just 148,000 jobs, which was below the market consensus forecast and less than the 193,000 jobs increase in August."

To sum it up, rates are low - so low, in fact, we haven't seen them this low in four months. If there's one thing we know about rates, it's that they can move up or down any given week.

If you're looking to refinance or get a new mortgage, you don't want to miss out on these great low rates.

"Homeowners who don't obtain multiple mortgage offers or carefully compare rates are essentially leaving money on the table, particularly given today's unprecedentedly low interest rates," said Fannie Mae Chief Economist Doug Duncan.

Give me a call to talk about your rate options

Dan Conley

619-886-3294