The weeks been great so continue the momentum into the weekend a hold an open house! Print out the attached is the weekly rate update and keep a few copies at your open house. Rates are looking good and Franklin Loan Center’s platform has never been better!! I can handle all of your financing needs! Have a great weekend and remember…
I’m NEVER too busy for any of your referrals.
This week’s update talks about why mortgage rates are going up after the Fed cut interest rates. Inflation is definitely a concern as the Fed continues to lower interest rates. Take a look at the 4 month bond graph in the middle of the update. Remember that mortgage pricing takes direction from Bond pricing. As bonds go up mortgage pricing comes down.
Also, interest rates are still at a 4 year low!! If you need to refinance or are looking to purchase… Call me to get prequalified and see what options you have!
Let me know if you have any questions about the information provided.
Make it a great week.
Sean La Rue’s Weekly Newsletter
Attached is my weekly rate sheet.
The market remains volatile again this week and looks like there will be no end in sight. This is a result of Richard “Loose Lips” Fisher speaking on inflation and apparently it’s giving all of us a RUN for our money. Since January 22nd, mortgage bonds are down about 175bps, giving up most ground we got in early January.
Today the 30 year fixed conforming rate is at 5.875%. No, rates aren’t terrible, remind your clients of this!! With favorable housing prices, interest rates, and maximum selection now is certainly the time to buy. Could it be a little better?? Could it be A LOT worse?? Think about it.
Conforming loan limits are still being reviewed as I have no news of where HUD will finally call the loan limit home. I will continue to keep you informed as I get more information.
Want to help your buyers get more bang for their buck? With 10% down or more many banks will allow up to a 6% sellers concession for closing costs. Think rates are good now? How would you like to have you or your client locked in at 5.00% on a 30 year fixed? I was able to do this for one of my clients and I can help you and yours as well.
Oh by the way, I’m NEVER too busy for ANY of your purchase and refinance referrals!!
Make it a great President’s Day Weekend!
This week has once again been volatile, but the good news is the Fed cut 0.50% on the Fed Funds and the Discount Rate. Although not directly tied to mortgage rates, these rates are tied to Prime and are also what the banks are charged by the Fed overnight. Mortgage rates are, however, continuing to trend down right now and with rates at 5.75% on a 30 year fixed at ZERO points, why isn’t it a good time to buy? Buyers are getting off the fence!
Mortgage bonds were trading higher this morning on the heels of a weak employment report that said non-farm payrolls fell by an estimated 17,000 jobs in January. This news is good for mortgage pricing.
Stocks are unchanged this morning and are being held down by the lower than expected jobs number–despite the fact that Microsoft Corp is making a bid to acquire the search engine giant Yahoo.
Attached is this week’s rate update. Make it a great day and a safe Super Bowl Weekend!