And they just keep going down.............. My last VA buyer locked in at 4.25% which was an amazingly low rate, thinking that they could only go up!
I am seeing a tightening for lending, with many hopefuls being turned away because they do not meet the higher standards for lending. I do think that this is a good thing overall, although they probably would have bought homes from me now and then somewhere down the road I would be helping them sell their dream home turned into financial nightmare. This way they can work on their credit, actually get a job and stay at it for a while, save up for a down payment ----------and I can rest well at night.
That is a good thing!