Good afternoon. I hope everyone has been hanging in there during this roller coaster ride we've all been on. The best word to describe mortgage interest rates right now would be "volatile". The economic uncertainty has caused a strain on all the markets, including Mortgage Backed Securities. Over the past month, rates have been as low as 5.875% and as high as 7.0%. Timing is everything right now and you want to make sure you are working with someone who is seeing the trends and can be proactive, rather than reactive to the markets. While no one knows what the future will hold, there are signs and indicators available that I follow daily to benefit my clients. Your home will be, in all likelihood, your biggest investment and you want to make sure to get the lowest rate and payment you can. Keep your heads up and hopefully things will settle down in the coming weeks and months. If you have any questions or would like to see how much home you may qualify for, please give me a call @ 317-657-8242. I would be happy to speak with you and discuss any and all options you may have available to you.
Have a great day!!
Date: Monday, November, 3rd 2008 @ 11:23:01 AMViews: 651
This blog entry currently has 3 comments posted.
Albert
Such a wonderful post.I am glad to read this. Especially I am thankful to you for giving your contact number.Now it is easy for me to discuss such matters with you.
Posted on 2008-11-21 03:38:15
Eric McMillan
Yes, we still do have lenders that will allow a float down rate on new construction. As far as existing purchases, we do have a couple lenders that will allow us to "renegotiate" a locked rate if rates improve. The guidelines are lender specific. I do keep track and will notify my borrowers if this can apply to their specific loan.
Posted on 2008-11-21 08:38:40
Mike Taylor
Hey Eric, I don't suppose any lenders are offering a one time float down with all this volatility in the mortgage rates?
If someone is floating a rate in hopes of getting a lower rate and the rates drop, do you call them and let them know this or how do handle this?
Posted on 2008-11-04 12:49:59