Rates Rates Rates

I am with you on that one. I was luck enough to lock a few loans earlier in the week before they tool a big jump, I have a few shoppers who e-mailed me over the weekend and wanted to know what the rates are. Didn't want to mess up their weekend so I will send the back a e-mail tonight.

Hey Christina,

   I understand the frustration...in actuality, I think us professionals and the public have gotten pretty spoiled with the historical lows we've seen over the past few years.  Customers need to know upfront, & reminded again & again that if they qualify for the best rates the market has to offer...those rates oft-times change daily.  You'll always have the complainers, but communication of when they can lock the rate & of what rates are doing....can be key in lessening the brunt of customers frustration of a sometimes volatile market.  Keeping clients & prospective clients informed will most times allow you to dodge the rising rates affecting business, though bad news or as I like to call it 'less than ideal news' is something that comes with that territory.  Have a great week Christina.

The sad part is I had a client that we are trying to go with a flex 100 and at 64% DTI, I had him approved thry DU/DO, I ask want to lock, he says no, goes and makes an offer on the property and guess what, now at 65% and not longer approved.  It is that tight for him.  (I ignored him and locked it anyway), but I advised him he is over spending and needs to back off 10K at least

Yeah....I had a lot of people on suicide watch after those rate climbs.....oh well....I was, obviously to blame for the higher rates as well.....Such is life

I hate it when my borrowers do not want to lock!  With historic low as you said...odds are the rates are going to go up...not down!

people have been spoiled over past 4 years

 

ask about rates 10-15 years ago when people were in the teens!!!!!!

 

on a 350k house the diff of .25 in rate is basically $40 a month

 

hardly a deal breaker

you don't need to pray that it gets better as there is nothing wrong with any fixed rate under 7%.

from a lenders standpoint rates are irrelevant as the market dictates, to a certain degree, that we are all offering essentially the same rates. 

Christina,  Go ahead and vent. I do it all the time..:-)  It is not your fault rates went up.  I tell my clients their is no secret to this business we all get the money from the same place.  If I went up everyone went up....

I would definitely add that rates are only good until the end of business when you give out quotes.  Doesn't hurt to create that sense of urgency for someone asking for a rate quote.  I also like telling clients that you can call anyone in the mortgage industry and they could tell you they have rates as low as 1%, but until I review their specific situation, including pulling credit report, analyzing income and debts, the quote is worthless and they should schedule time to give me the whole picture.

You are right. We do not have a crystal ball that will tell us what the rates will be. If they are not happy with the rates, tell them to just wait. They will go up even more. Years ago rates rose up to 18% or better. Rates are still low.

Hey, but don't we look great to all the clients who have just closed and were locked 30-45 days ago????