Eclipse Insights: How April 8th Shift Impacts Mortgage Interest Rates

The celestial event of the April 8th Eclipse has had a mild impact on mortgage interest rates, and as a local real estate agent, understanding the potential implications is important for your business. Interest Rates are fickle, shifting over seemingly insignificant events at times. The upcoming Eclipse on April 8th is no exception as rates ticked up Friday just ahead of the event.

"Uncertainty" is a keyword for you to use with your clients. This eclipse with all the hype about power grid failures, cell service interruptions, and even meteors crashing to earth, has created uncertainty in the eyes of those invisible people who control the markets. So you the real estate agent can use that word to calm clients down. Let them know that in a week or two rates will settle back down barring some other unforeseen event that causes more uncertainty.

FLOATING VS LOCKING

Floating is when a client elects to let the rate fluctuate with the market until a time when they think the rate is favorable. Generally clients only elect to lock once a certain target is met or is sufficiently close. Locks can usually be placed in 15,30, or 45 day increments, sometimes more. The shorter the lock period the better the rate, generally.

In light of this upcoming celestial event, we encourage you to consider the following suggestions to help you reach your desired goals:

1. Stay Informed: Keep a close watch on industry news and updates leading up to and following the April 8th Eclipse. Being informed about potential shifts in mortgage interest rates can give you a competitive edge in serving your clients.

2. Plan Ahead: As the Eclipse approaches, consider how you can proactively address any potential changes in mortgage interest rates with your clients. By staying ahead of the curve, you can offer valuable guidance and support as they navigate the homebuying process.

3. Collaborate with Experts: Reach out to our team of knowledgeable mortgage loan officers to gain deeper insights into the potential impacts of the April 8th Eclipse on mortgage interest rates. Our expertise can provide you with the information you need to better assist your clients.

As you continue to serve your clients with dedication and expertise, we encourage you to connect with us to discuss insights surrounding the April 8th Eclipse. Our advice is to FLOAT this week of April 8th.