1. Home
  2. Blog
  3. Mortgage News
  4. Low Rates Not Seen Since 2013
Part 2: Lessons from Real Home Buyers - Quicken Loans Zing Blog

We’ve got big news! Today, rates are hitting lows not seen in nearly three years. If you’re purchasing or refinancing with Quicken Loans, today would be a really great day to lock in that low rate!

Oil is down about 5% as I write this, trading at around $28 per barrel. This is just the latest in a series of bad news items for the stock market. When it’s like this, I know not to check my retirement fund. However, bad news in stocks has a pleasant side effect for mortgage rates.

When the stock market goes on a down swing, people rush to the safety of the U.S. bond market for some certainty in their investments. Some of the bonds being bought up are mortgage bonds. When more people are buying these, rates drop because of the way yields work. While I won’t get into that here, the way all this works is actually quite interesting.

Lock in Your Rate Today

It’s important to remember that the financial market is a fickle beast. It has the potential to swing wildly from day to day. By locking in your low rate today, you have 40 days to take advantage of today’s fortunate events in the mortgage market by moving into that new house or closing on your refi.

Locking your rate also removes the problem of market uncertainty for you and frees you from worrying about fluctuations. If suddenly the stock market comes back tomorrow and the Dow is up 300 points, not only will your 401(k) be in better shape, but you’ll have locked in that low rate before bonds sell off and rates go back up.

If low rates sound good to you, apply today. You won’t regret it.

Still have questions? Let us know in the comments and we’ll get back to you.

This Post Has 14 Comments

  1. I have called several times and have been told from .ore than one company (of course you are one of them ) that you can’ t help me to refinance my mortgage of 4.375 and I keep falling for these ads ads promising rates at an all time low. .This is my last time to try.Can you or can you not help me?

    1. Hi Margaret:

      There are many factors that affect whether someone can refinance, but we’d be happy to make contact with you today and look into your situation to see if we can’t get you into a lower rate. Someone will be reaching out.

      Kevin Graham

  2. Hi Kevin,

    You sya that the rates can be locked in the article,but i received a preapproved letter from Quicken Loans® but can’t lock the rates which was different earlier.

    1. Hey NAGA:

      You should be able to lock, but we’re going to look into this and figure out what’s going on. Someone will be reaching out. Have a good day!

      Kevin Graham

    1. Hi Carmen:

      We can definitely help you refinance. Your interest rate depends very much on your personal financial profile, so without knowing more, we can’t tell you exactly what it would be. Check out this post for more on the factors that affect your interest rate. That said, I’m going to have a Home Loan Expert reach out to you with more information and to help you get started.

      Kevin Graham

    1. Hi Grace:

      We’re sorry to hear you’ve had a poor experience with us. We’re currently researching your situation and are committed to getting this turned around for you. Thanks for reaching out.

      Kevin Graham

    1. It is a great picture, Pamela! We’re located in Detroit, so I’m looking out the window at snow and wishing I was on the beach in Florida right now. Have a great day!

  3. Why will you not help people with mobile homes you know some of us don’t have a big house I am 68 years old have a mobile home aand I would like to lower my rates just a thought

    1. Hi Donald:

      Lending guidelines are different depending on the type of home you’re trying to get a mortgage on. While we’ve made the decision not to offer loans on mobile homes at this time, I’ll pass your feedback along in case this is something we’d like to offer in the future.

      Kevin Graham

    2. Donald, they wouldn’t do anything but give you the run around anyway. They call multiple times every day with more and more double talk and no answers. I hope you can find a solution, but don’t waste your time with these crooks.

      1. Pamela:

        I’m sorry your experience has been less than the best. Someone will be looking into this and getting back to you. Thank you for reaching out and giving us the opportunity to see what’s going on here.

        Kevin Graham

Leave a Reply

Your email address will not be published. Required fields are marked *