The current 30 year Fixed is at 6.75% and we do not see it staying there very long... We are expecting a mid day rate change up... Unfortunatly the system can no longer keep rates down to keep volume up. With the the credit climate so volitale now would be a great time to urge you borrowers to lock in there rate or get going on a buy/sell because in the coming months rates are going to go up alot. My personal estimate is that by November rates will be around 7.5% Have a great weekend and be sure to have fun and stay postive while you are doing your open houses!
Surterre Properties - Laguna Niguel, CA
Hi Nathan,
Thanks for the rate update. Have a great weekend. Michael A. Caruso
Jul 18, 2008 06:05 AM
CK Mortgage, Michael Zoretich , Brookings OR - Brookings, OR
i have two different sources for 30 yr fixed that are priced at 6.5% today? (Sierra Pacific Mtg & Eagle Funding)
I am located in OR and agree with you that there is a trend towards higher rates , we are breaking out the range of rates looking back to January.
I do not profess to understand why rates are so volatile,,, the fundamentals of all financials are the same...(bad) treasuries are still the preferred safe haven.
We are just observers... I strongly recomend that we remain conservative in estimating affordability for borrowers with .25 or more in rate pad in case the market swings before we can lock.
Having to tell a buyer they can't afford targeted house due to market swings does not serve anyone's interest and could lose you a referal from a realtor or buyer... they perceive rate or max purchase price changes as a bait and switch.
If they can't buy with a .5 swing to the worse in rate maybe they should reduce max purchase price... affordability is in question?
Keep your chin up...
Jul 18, 2008 06:21 AM
Ranch & Resort Group - Bozeman, MT
I am a realist, so I hope everyone doesn't take this as gloom and doom because I am just trying to give my perspective on rates...
Jul 18, 2008 08:36 AM
I am a licensed referral agent in NJ - Hutchinson Island, FL
Time for the buyers to get off the fence and buy. Realtors gear up, they wuilll be calling you tonight!
Jul 18, 2008 10:40 AM
Comments(4)