Mortgage rates dropped abruptly lower on Thursday, September 13th when the Fed announced a third round of quantitative easing (QE3) asset purchases. In addition, this buying was solely in Mortgage-Backed-Securities (MBS). This purchase put mortgage rates at the lowest levels they have been in over a month.

Chairman of the Federal Open Market Committe, Ben Bernanke paid extra attention to the housing market in the press conference referring to housing as the 'piston that had not been firing over the recovery.' The bottom line is that this Federal announcement could have sent rates in either direction, and while they moved lower this week, it is not guaranteed how long they will stay at this rate.

What does that mean for you? With the high degree of uncertainty in the current market, you should take advantage of the mortgage rates now. Over the past year, mortgage rates have continued to move lower, but at some point the rates will turn. If you do not choose to lock as soon as possible, we encourage you to lock your rate before you lose out. Call us today to see how much you can save before it's too late!