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And Rates Continue to Drop

I mentioned in my last blog that I was able to get a rate of 5.875% on a 5yr ARM for a client of mine. I thought that was pretty amazing considering the market. But get this....I just got a client a 5.75% on a 30yr fixed loan. Yeah, I know. That's insanity. Mind you, he put 20% down, but it's still unheard of these days. If you wonder where I've been as of late, the answer is simple. Buying season has started and rates are low. Need I say more? Lots of closings and lots of time at the office. I'm locking loans and taking apps more often than I'm used to and it's really a great feeling. I'd love to help you refinance or even buy a first home or investment property. If you give me a chance I'm sure you'll be impressed.

Abe

Posted by Abe Loper on 03/13/2007 01:51 PM

Comments (1)

1 Comments on And Rates Continue to Drop

MAR

2007

Hey Abe,

I guess I'm not really surprised about that. I know I've been seeing conforming rates that are really spectacular as well. I think what's happening isn't a dearth of investors or available money, but more investors putting their cash into higher end conforming. It would make sense if one had a large cash pool to loan and the ability to lend it only to those who meet higher end conforming per DU and AU and LP that as the pool grows, competition causes the rate to stabilize and even float down a bit.

I'd expect that Fannie and Freddie wouldn't complain.

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