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Mortgage Rates: Are You Ready To Limbo?

By Jason Sardi

Services for Real Estate Pros with Auto & Home & Life Insurance throughout North Carolina

January 22, 2008 04:24 AM

Well, it's official. Yep, the Market is in limbo. Actually, that's not totally right. The Market is doing the limbo. What do I mean? Ladies & Gents, rates are ridiculously low! How low you may ask?

30 Year Fixed Rate Mortgage - 5.25%

15 Year Fixed Rate Mortgage - 4.75%

If you are on the fence about buying a home, ~~it may not be a bad idea~~ it is a very good idea to jump over the fence. Thinking about whether it is the right time to refinance your mortgage? Well, with that finger on the trigger I strongly suggest you might want to pull it towards your chest and fire away.

There is rarely a better way to establish an appropriate sense of urgency than to offer cheap money. The money is cheap folks, it is yours for the taking. The only question is.....are you a taker?

*This post is written by Jason Sardi (but you probably already knew that), a Mortgage Consultant with First Choice Equity Group Inc. here in Allentown, Pennsylvania. If you would like more information, feel free to email me at jsardi@fcegi.com or give me a ring Toll Free at 1-866-262-8720 ext. 229. If you would like to copy or plagiarize this particular piece of prose, you may be out of your freaking mind:-)*

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Matthew J Blum - (retired from the business)

Palm Beach Gardens, FL

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

Jan 22, 2008 11:21 AM

Paul Slaybaugh

Homesmart - Scottsdale, AZ

Scottsdale, AZ Real Estate

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!

Jan 22, 2008 12:10 PM

Colleen Fischesser Northwest Property Shop

NextHome Experience - Chelan, WA

A Tradition of Trust in the Pacific NW since 1990!

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

Jan 22, 2008 12:40 PM

Vincent Coccia

Construction Services Integration - Paoli, PA

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

Jan 22, 2008 02:12 PM

Alex Zokan

Advisor's Realty Group - Orlando, FL

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.

Jan 22, 2008 02:17 PM

Alex Zokan

Advisor's Realty Group - Orlando, FL

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.

Jan 22, 2008 02:17 PM

Neal Bloom

Brokered by eXp Realty LLC - Weston, FL

Realtor CRS-Weston FL Real Estate

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.

Jan 22, 2008 11:02 PM

Jason Sardi

Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC

Your Agent for Life

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....

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.

Jan 23, 2008 12:53 AM

Lane Bailey

Century 21 Results Realty - Suwanee, GA

Realtor & Car Guy

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.

Jan 23, 2008 02:59 PM

Sarah Eubanks

Hill Valley Financial Services - Oregon City, OR

Preferred Oregon Loan Consultant & Notary Public

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...

Jan 23, 2008 04:12 PM

Jason Sardi

Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC

Your Agent for Life

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

Sarah - Have it Sarah!!!

Jan 24, 2008 01:31 AM

Anonymous

Patrick

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.

Jan 25, 2008 03:21 AM

#42

Jason Sardi

Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC

Your Agent for Life

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.

Jan 25, 2008 04:11 AM

Neal Bloom

Brokered by eXp Realty LLC - Weston, FL

Realtor CRS-Weston FL Real Estate

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

Jan 26, 2008 05:16 AM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

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.....

Jan 27, 2008 10:00 AM

Rob Robinson- Lehigh Valley PA

Bertrum Settlements (Title & Abstract) - Allentown, PA

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.

Jan 27, 2008 11:53 AM

Joey Remondino

RE/MAX Preferred Properties - Vienna, VA

Broker, GRI, E-Pro

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

Jan 27, 2008 11:28 PM

Mike Norvell Sr

Morris Williams Realty - Leesburg, FL

Norvell Consulting Group

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.....

Jan 28, 2008 03:58 AM

Christine Thierry

Sterling Home Mortgages - Narberth, PA

CRMS

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)?

Jan 30, 2008 02:41 AM

Jason Sardi

Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC

Your Agent for Life

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.

Jan 30, 2008 02:45 AM