August 19th Market update: Time to renegotiate rate locks!

Good morning,

We have seen a nice little rally over the past couple days resulting in interest rates dropping by .25%.  Not too shabby.

As with last week, tomorrow brings another Treasury auction announcement from the Federal Reserve which more than likely means we will see a slight deterioration in interest rates by the end of the day. Yesterday afternoon and this morning would be a great time for clients whom have already locked in their interest rates to call their lender and renegotiate for the best rate possible.  A typical renegotiation will be about .125% higher than the going market rate.  My afternoon was booked with renegotiating the home purchase loans that are closing at the end of this month.

Have a great week!

-Matt

30 year fixed: 5.125%

15 year fixed: 4.625%