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Fannie Mae and Freddie Mac Under Control of Uncle Sam

By
Mortgage and Lending with SecurityNational Mortgage Co

It's a good day when I see mortgage backed securities soaring high when I get my first report on the days trading.  With the news of the government taking control of Fannie Mae and Freddie Mac we got a nice drop in mortgage rates today.  (About three different reprice notices from our lenders improving rates all along the way).  I got the drop I was hoping for from my FHA lenders and perhaps tomorrow will produce more of the same and bring a smile to all the buyers out there in this market.  Happy buyers = happy agents = happy me. 

I see refi's coming alive again, with rates in the 5's the action will be fast and furious.  If you're thinking about a refinance; stop thinking and get a call in now.  If you're application is in, we Mortgage Loan Officers can shop rates for you and take the stress out of looking everywhere for the best pricing.  With rates changing in real time, just looking at them a couple days ago won't cut it.  Rates are now changing several times a day.  You need to be set-up and have your loan officer getting rates for you in real time.  Just getting on my e-mail list can get daily hot sheets of rates and offers tailored to each individual homeowner.  Even better; have an application waiting, so when these rates hit the sweet spot, you're ready to lock.   

Bob Cosby
One Source Realty - Shaw AFB, SC

Rain, my mortgage people were all hot on the trail also. I loved to hear this and maybe all the people sitting the fence will start buying. I look for a big turnaround in the future.

www.bobsellssumter.com

Sep 08, 2008 01:10 PM
Aida Pinto
Independent Real Estate Broker - Los Angeles, CA
Real Estate Broker (562) 884-6196

ARE YOU SURE THIS IS GOING TO HELP THE HOUSING MARKET?

"I see refi's coming alive again"  But will buyers get off the fence?

 

Sep 08, 2008 01:28 PM
Rain Wallace
SecurityNational Mortgage Co - Salt Lake City, UT
801-971-0030

Thank you for your comments. 

Yesterday I had some positive response from buyers.  One who was thinking about waiting did submitted an offer.  It wasn't just the rate however, the price of the home was perfect and the agent did a follow-up call to his clients around the same time, reinforcing the news. 

It's safe to say that buyers always get off the fence sooner or later.  To make it sooner a flow of contact and good news always helps to make it sooner.  

Sep 09, 2008 01:58 AM