I was working with a client today, VA backed loan and decent credit. The lender came back with 7%, when I told my client that they were quite shocked.
The lender told me that the markets have been in turmoil for the last few weeks, and that he expected the rates to come back down soon. We did not lock in now, we still have several weeks before closing.
Funny how now with the Fed reducing rates and a new rate cut being talked about this week we are talking about how high 7% is. I remember the 70's when Carter was president and if you could get 15% you were doing something... in tall cotton, or tall peanuts.
Here's to hoping the Fed rate cut will impact the mortgage rates too..
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