How do I get the lowest interest possible? This is one of the first questions a buyer asks when starting their search for a new home. We decided to bring in an expert to give you the real deal on what determines the interest rate you get. Scott Groves with Movement Mortgage is a local lender who does a lot of business in this neighborhood. Take it away, Scott!
"So, did you wake up today excited to read about Greece's debt restructuring plan? Did you immediately got to CNBC to check the current price of the German "Bund" (their version of our treasury bonds)? Were you waiting by your computer at 6:30 a.m. for the stock market's opening bell to see how the redemption rate and cash-flow of money in-and-out of stocks and bonds was going to affect mortgage interest rates?
Guess what, neither did I!
However, these are just a few of the many things that affect rates on an hourly basis.