For any fellow Princess Bride fans, that classic line can be used in myriad ways. In this case, I'm absolutely flabbergasted that we haven't seen an increase in mortgage rates. In fact, they might have smidged down. This is to me absolutely, positively, and unequivocally, inconceivable.
Oh no wait, now they're up again.
Oops -- they've inched down. Now back up.
And so it has gone for the past couple of weeks -- down a smidge, up two smidges, down half of a smidge, and so on. Rates are basically unchanged and vary by down payment, loan program, discount points etc. anywhere from 4.5% rate/4.75% APR to 5% rate/5.25% APR for a 30-year Fixed, .25% more for cash-out, etc. etc.
I will say this -- loans are taking longer. It's better to get all of your paperwork in, submit for approval, and then wait for a while if necessary -- all too often it's the other way around, buyers will wait to submit their paperwork and then it's a mad scramble to get everything done on-time.
Don't get me wrong, I like a scramble just as much as the next guy or gal. Throw some green peppers, onions and mushroom in there and now we're really talkin'!
Not so much on my loan scenarios though. Not so much there.
Thanks for reading! --James Wirth
P.S. I apologize if I made you hungry and you still have a few hours before your next meal.
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