This information is on Short term Rate Advice- Lock In Now!
I usually don't give short term advice on whether the public at large should lock in an interest rate. With my own clients I weigh the risk and rewards of waiting for rates to improve or go up carefully, and in most situation we are able to gauge a reasonable time in the loan application process to lock in an interest rate.
This blog post is to illustrate to the activerain community an opportune time to lock in rates for your clients or advise your buyers to have a serious discussion about locking in rates. If you are looking for a great lender and you happen to be lucky enough to live in the great State of Utah, call me and I will take excellent care of you or your client. Closing on time, everytime with a smiling borrower sitting at the table.
This chart is the price of the 4.0% 30 mortgage backed security. It works in an inverse relationship to the rate that the borrower will obtain. We have one month of improving rates followed by three days of being stuck in the same position, with today making a turn for the worse. The difference in interest savings today versus one month ago is in the thousands per year for the average sized loan.
NMLS #204405
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