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!
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