Market Minute: Rates at a 5-week low, and what to do with it

Mortgage rates just touched their lowest level in five weeks. Mortgage News Daily had the 30-year fixed national average near 7.27% on Friday, October 30, the lowest since September 23. This morning the 10-year Treasury eased to roughly 4.88% to 4.90% as oil fell on hopes for a diplomatic end to the Iran conflict.

The catch is the calendar. The midterms are Tuesday, November 3, and the jobs report lands Friday, November 6. Either one can push rates back up as fast as they came down.

Two things I'm telling clients this week. If you're in contract, talk about locking instead of chasing another eighth. If you're carrying credit card or auto debt, or planning a remodel, ask about home equity options that leave your first mortgage alone.

Want the math on your own numbers? Call (818) 452-4993 or reach out through RolandSuncire.com.