just talked to 3 clients and guess what, they think that rates will drop more.............. 

I wish this would persuade more buyers to get off that fence they are straddling and buy already!

Joe - I fear those who hesitate, it will cost.

Kelly - There is no time like the present, that's for sure.

Agreed o' wise one

5.25% is certainly down near the historic bottom of my memory. Back in the day when we purchased our first home 12% was a deal and think we went with a 10-3/4 adjustable on our second house that was eventually refinanced at 5.75 fixed...  Pretty some I may even crunch a few numbers and see if it's time to secure some college cash for our youngest...

Yes I am... I want much more ;-)

Agreeing with Joe.

Joe - Yoda taught me well:-)

Dan - That might not be a bad idea Dan.  We are creeping back down to historic lows.  Whether they are the lowest or not, there is very cheap money available and it is very worthwhile to at least look into.

Jason - The rates are looking really good; wish I could say the same for the limbo guy in your photo! 

OH, my eyes!!!

Great time to show this to a couple of people who recently inquired what I thought about rates.  May I use your thoughts? 

Jennifer - Don't we all:-)

Norma - Hey, that's my father:-)  (Kidding Mike)

Elaine - But of course!

Amazing isn't it, who would have thought. Such a great time to buy, low rates, lots to choose from. Let's hope the buyers get off the fence and limbo.

If anything will bring buyers out, this will do it. 

It's a mixed bag because we still need a downward adjustment in price. 

But, I'll take what I can get.

Great Post...  Disturbing limbo participants in your photo.  Please tell me this is not from your personal collection!  LOL

Missy - Personally, I wouldn't of guessed it.  Let's spread the word and see who takes advantage of a very ripe opportunity.

Lenn - You are right on there about prices.  This is more than just a glimmer of light in my view though.

Debbie - Great....now you let the cat out of the bag:-)

The buyers are out there just waiting to buy..I hope this helps them to finally get off that fence.

Five and a quarter?  :::whistling:::  

It's going to cost people not to buy or refi.  Whoops, gotta go.  Phone's ringing off the hook!

Sandra - They are out there for sure, it's only a matter of action.

Paul - That's me on the other line Paul:-)

Sardi- that pic is just disturbing.  It is like a car crash, you can't help looking.  uggh.  oh yeah, the rate drop is pretty amazing too!

Darn Jason...I was all ready to cut and paste till I readyour discalimer that I was out of my mind....:)  Love the saying...."How low will it go?"

Ginger - I always like to include family pics in my posts now and again:-)

Kathy - Well, you can cut and paste anytime!

Jason, this is a great post with a short and sweet call to action.  I've bookmarked it so that I can send to some current fence-sitters.  I agree with Ginger, that picture is scary.  It should be illegal for men like that to limbo without wearing their shirts.

Time to make hay while we can

I came by earlier and waited for you to post the picture....I believed it was relevant.

Okay...had to regroup and come back hahahaha.

I have been keeping up with it since my LO called and let me know to let others know who may be in a good position to refi and buy. Woohoo!

Are we all happy yet?

I'm trying hard not to have that picture pop up in my head... the limbo...okay.

Shucks...public post...was going to post the baby doing the limbo haha.

Jason, I'm starting to come around your way of thinking. I sense a whiplash effect coming for some reason. We have another rate cut and stocks getting hammered but no panic. We must be in a resilient economy. Maybe its a lull before the crack of thunder but I would jump on rates now too.

Brian - Thanks Brian.  Sorry about the pic, wanted to give you folks a visual you can take to your dreams this evening:-)

Bruce - Hey man, I'll be around 20 years from now....but there is no time like the present.

Sis - Waited for the picture?

Sis - I'm happy. Come on, the public wants to see the baby doing the limbo:-)

Lenza - You and me both, hope consumers catch on.

Jason, after I cleared my eyes and my screen to make sure that you were not playing tricks with the picture, then I got to the meat of the story. Our phones were blowing up today.

Hi honey - I love your disclaimer - oh my gosh - you will be busy closing loans with rates like that - thanks for the heads up - you rock

Jason, oh lordy that's quite a picture.  I can't get beyond that to actually read this post.......

;-)

Jason, Great post!... For someone I keep hearing the song now.. gee thanks..everyone limbo now.. How low will you go..ha ha

Sardi, get off the phone, man!  What are you doing calling me on a day like this?  You don't want to be tying up those phones when you've got rates like these!  Your public will be blowing you up all week!

Jason, I too have been hearing folks thinking rates will go lower. I wish I could remember the year when I had people saying "I'm going to wait until I can get a 4.99 fixed". Late 90's? I can't remember.

Anywho, that photo is just all kinds of WRONG. And to digress just a smidge further, why is someone else from Oregon calling you "Honey?" Do you have a harem of admirers on the left coast?

Colleen

Thanks for the info as it is always good to have this to pass along to clients.

It is practically like free money. Well not really I guess but compared to what it usually is. People are getting to greedy, you would think with interest rates this low the market would be soaring.

It is practically like free money. Well not really I guess but compared to what it usually is. People are getting to greedy, you would think with interest rates this low the market would be soaring.

Dam...are those fixed rates without any points or prepayment penalties? I'm at 5.875 right now but wouldn't refinance unless it was at least 2 points lower or it doesn't pay to.

Danny - I was following up with a lot of past clients yesterday and will continue today.  This could benefit a lot of people.

Thesa - You are pretty cool yourself:-)

Ann - That ensures people don't find any spelling errors:-)

Matt - I was so tempted to include a link!

Paul - But you have such a nice voice:-))

Colleen - Must be my endearing personality:-)

Vincent - I sent individual emails to a bunch of contacts giving everyone a heads up.  Hope this bodes well for clients.

Alex - The smart ones will act and react accordingly....

Alex - The smart ones will act and react accordingly....

Neal - Yes, fixed rates and absolutely no pre-payment penalties or points.  The whole 2 % points lower theory in refinancing is just a general rule of thumb, not necessarily the only way it makes sense by any means.  Besides, call me Nostradamus...but I highly doubt that you'll see a 3.875% fixed rate anytime soon.  It might make sense to do if you can shorten your term and keep your payment in the ballpark of where it currently is.

I wonder if we'll be seeing the 5% rates again that soon.  If you want to do it, it seems that you better get ready to go. 

Jason ~  Very catchy & clever.  I like the idea!  I, too, may borrow some of it if you do not mind...

I have been saying this same thing myself.  I just have not had any time to post lately!  Hope you are well and talk with you later!  All the best...

Lane - At one point yesterday, the 30 year fixed rate was at 4.875%.  It raised later but still.....

Sarah - Have it Sarah!!!

Hi Jason,

I tell my clients when the investors start to jump in, your time is up.  How will you compete with an investor when they have all cash to put down.  Who has $400,000 - $500,000 in their pockets.  I think it will be a sign of when the Market will start to change.

Hey Patrick,

It isn't easy competing with cash offers and not too many people have that kind of money stuffed away at their bank or under their mattress for that matter.  That's why financing will always be an important tool needed by most.  Have a good weekend.

I still pay way too much:) by the way..did you update those rates? I thought it said 5.50 and 4.50.

Jason....   fat guys in speedos just don't do it for me... lol

On another note....  what upsets me is that people should have jumped on the rates 2 weeks ago. Yes, rates came down, a good 1/4% last Tuesday, but they went right back up on Wednesday & Thursday. Rates might not come back down as they were on Tuesday, even after the Fed meets at the end of this month, for 3 weeks or so....  ??   All I know is that phones were ringing because of the news, but what about what the market did after the fact? Sorry, just rambling here.....  but the news in the media lately, just curbing fears of the market. I would love to hear the stories of the consumers 2 months from now, when many loans don't settle. I bet there were a lot of pocket locks last week.  Overall, I am tired of reading the time is now... rates are low....  homes are foreclosing because of the subprime loans, etc etc....  It's the understanding of money, how mortgages work, and how the economy works that needs to be understand. And most importantly, to work with a mortgage professional and not an order taker.....  

I agree Jeff.  it's a shame the 'order takers' in the Mortgage Industry were (and are) so prevalent .... and had/ HAVE the NERVE to call themselves Mortgage Consultants.

The only thing they consult is their wallet.

Glad things are going well for ya.

The money is cheap, thanks for the information with rates popping around so much lately it is hard to keep up.

JASON.....We have a deal we were looking to on a subject to for an investor..we could not make it work with the sellers payments..when I was called, I asked for all the docs, and lo & behold, the seller had a 11.97 interest rate with a bank owned insurance policy....Long story short, 20% down, regular insurance, no mortgage insurance required, over 500 less per month....problem solved...sometimes people don't do the math.....

We offer a free float down option and not a single person locked in when rates hit the bottom.  They ALL said rates woudl drop further.  Is it greed or is it the media (again)? 

Neal - Those rates were as of this particular posting.

Jeff - Very well put, the order takers have and will continue to be run out.  Would you like fries with that?

Rob - You've harped on this since Day One and I couldn't agree more.  Kudos to you!

Mike - And sometimes the math is simpler than people may think.

Christine - Hard to say, I don't want their Crystal Ball though.