Our guest blogger - Allen Tayman of C&F Mortgage - sent us this information about the sudden drop in rates that occurred on Friday:
A wide range of economic news was favorable for mortgage rates on Friday. The Employment data was weaker than expected, Japan expanded its bond-buying program, and tensions with North Korea increased. As a result, mortgage rates ended the week significantly lower. This is the sharpest reaction seen to mortgage rates in months. The market will continue to see high volatility, as traders feel out this new floor. Now is a perfect time to jump on these low rates.
