Thursday, August 20, the bond market finished strong and today we gave it all back. What does this mean to you…nothing. No change on the rate sheet. The stability in rates over the last month or so has been pretty amazing. We have seen no more than 1/8% to ¼% movement during this time. This seems like a real floor. Could rates dip lower? Who knows but if I was in the market for a low rate loan, I’d lock in now and move forward. What does Jim Cramer say….. “Pigs make money but hogs get slaughtered”. Don’t loose sleep thinking, “Maybe I should wait to try and save another 1/8%”.
The instability in the world economy and the 24 hour news cycle make me nervous. Something crazy could happen somewhere in the world and puff ….our 3s and 4s become 5s and 6s.
We even have some great mid 3s and 4s on Jumbo 5/1 and 7/1 ARMs, primary and second homes.
Wish you could get in to a lower rate? At NO COST to you, I can give you a pretty good idea if refinance will work. Even if you are underwater and the loan is $417,000 or less, we have the government HARP program that may work up to 105% LTV (loan to value).
HARP works on primary and second homes with rates almost as low as market rates and can even work on investment homes at a slightly higher rate.
Call me today. Don’t wait another day,
No comments:
Post a Comment