In all my years as a mortgage broker I've never done this.
I just quoted 4.5% for a 30yr fixed loan.
A month ago they were at 6.5% & two weeks before that they were 7.5%!!
There has been a lot of speculation about the Fed lowering rates to 4.5%, but the market has done this on their own due to the current economic conditions.
We are seeing a lot of volatility right now & there's no telling how long these rates will last, so if there are any buyers on the fence now is the time to jump!!
Nice to hear it...go get that loan.
The Fed worked on overnight rates, not mortgage rates but there is a more concerted effort to bring mortgage rates down... and combined with the Fed's move yesterday it should create the stimulus we need.
Hpoefully this will get those buyers that are sitting on the sidelines to take action.
4.5% is an awesome rate...and you're absolutely right. It should bring any buyers "on the fence" to the contract table.
Dan~ That is almost unheard of! What a fantastic rate! 4.5%! Who hoo, those buyers that have been waiting need to jump right now! Vickie McCartney
You're correct - Now is the time where we see who is serious & who is a tire kicker! I've had a bunch of people give me the "Call me when rates are 4.5% & I'll submit an application immediately" line & now I'm giving it to them. We'll see how many people will jump on this.
A buyer or someone needing to refinance is CRAZY not to take advantage of these rates!!
Michael - It was a VA loan (Up to 100% LTV) w/ 3/4 point...not too bad!
Troy - They should be!!!
Very exciting news. Bet you never thought you would see the day that you were quoting rates this low! Now lets hope it spurs on the market!
I agree Ilyce!
You're right Lisa, I never thought I'd see 4.5% on a 30yr fixed - I'm sure there will be a day that I talk about "The good ol' days". ....Kind of like when gas was at .67 gal:)
Comments(12)