Hi everyone
I first heard the news on the radio this morning -- the unemployment figures came in today, showing the first job loss in four years. Some suggest that this means we're on our way into a recession, and that the subprime mess has really glucked up the works more than we've thought.
Maybe.
This much I DO know -- I have been absolutely slammed today, locking interest rates for borrowers. We're doing 5.875% on 30 year fixed rate loans with no discount points and half a point in origination fees (APR 6.044%.) That's just crazy, considering where we were in July. I haven't seen rates like this since last March.
Monday might also be a good day to lock a rate. Might be.
But today is. If you have any buyers who are under contract, or any clients who are paying more than 6.5% on their 30 year fixed rate loans, tell 'em to call their mortgage broker and lock something in.
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