Where is the Top of Mortgage Rates?

Rates will follow the Feds more closely now that the Feds have Rates in the Mortgage Target Range. They must go up now to give the Lending Institutions the Profit Spreads.Everyone has to make a profit and the Banks are squeezing it out of everywhere else they can right now. So what we are saying is now we foresee if (or should we just say when) the feds raise rates .25% on May 10 then mortgage rates will go up at LEAST by that much or more. We are seeing that take place now after the last .25 % increase. If you have a construction loan out there you may want to consider a 90-120 day lock if you are getting that close. A 90 Day lock will cost you about .25% in upfront Fees (not in Rate) and a additional .25 in Points (once again not in Rate) with the rates shown here. A 120 Day lock could cost .50 in Upfront fees.

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