It was this past Wedesday morning, 9:26am.  I officially lost my mind.  In that moment in time, I saw my 30 year fixed rates dip down to 5% at par.  The 15 year was somewhere near 4.5%.  I frantically sent a blast email to all my Clients & Realtors.  LOCK NOW!  I typed at lightening fast speed, my french manicured nails click click clicking away on my computer keyboard.  I ran scenarios, amortization schedules, loan comparisons like a whirling dervish.  I advised all I spoke to that I had no idea how long the rates would hold, that given the feds reduced short term rates after a 300+ point loss in the DOW the day before, it was more than likely that the market would rebound, and rates would rise again.

I hadn't seen mortgage rates this good since the Refi Boom of 2003 - when everyone & his brother, sister, cousin, uncle & friend jumped on the bandwagon and locked in some of the most amazing mortgage rates that I have ever seen since starting my career in 1994.

Some listened, some didn't.  Some jumped on the opportunity, and some missed out.  Because by 3pm that afternoon, here in the desert southwest, the market did indeed rebound and we saw rates climb .60 bps (basis points) back up to somewhere around 5.75% on the 30 year fixed.  I was exacerbated, exhausted, and frustrated.  Anyone calling me after that was kindly let down.  Please understand, that is the last thing I wanted to do was to tell a valued client; "Sorry, you missed the boat today".

Maybe, just maybe, they'll listen and act when I make an announcement like this next time... if there is another next time.

 Melinda Potcher, Mortgage Broker, Trinity Mortgage, LLC

www.HomeLoansAlbuquerque.com