Uncertainty of Stimulus Package Has Direct Impact on Mortgage Rates in Northern Virginia

From Rob Clark at Preferred Mortgage:

Attached is this week’s mortgage update.  Rates increased a bit last week and closed the week at 5.375% with 0 points for a conforming loan of up to $417k.  The rates have been steadily increasing now for the past 3 weeks as Wall Street tries to determine the impact of the in-the-work stimulus package on the economy and on mortgage rates.

I expect volatility to remain fairly high until we have a definite idea on the terms and conditions of the package and will report an update once the results have been announced.”

Thanks Rob,

Michael