With the Dow going over 10k today, we already started to see tiny pricing changes in the mortgage market. Ask your buyers if their rate is locked in. Request a letter from the big box bank signed by a manager to evidence the rate and program is locked and when it expires. These are just a few ways you can protect your buyers in this tumultuous market.
Mortgage rates are still very low. Even last year they were very low. If you are afraid of losing business when rates go back to 6%, then do your home work now.
6% is still a fantastic rate. Look back at the 80's, they would have given their first born for a 6% rate.
Right now we are still in hovering in the high 4's and low 5's depending upon credit score, loan program, the state you live in and whether you are paying extra points for a lower rate. I hate to quote rates on a blog, so I give an average range.
If you have a very low credit score, you could be in the high 5's right now. So do not believe everything you see on TV. Usually mortgage companies and banks marketing rates offer the best rate, under the best circumstances for folks with 20% down and perfect credit.
As long as you are working with someone you trust, you should not be fooled.
However, BEWARE.........rates are starting to tip toe up a bit.
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