It's rough attempting to predict the market while shopping for homes. Everyone wants a good rate but it's impossible to coordinate your buying with the fluctuations in the market. Lots of folks end up waiting for rates to drop before they begin to start shopping - which never has the intended results unfortunately. With current underwriting times and considering the new TIL disclosure rules, closing a loan in 30 days is getting tougher. With this in mind, we've started a program with one of our wholesale lenders that allow extended lock times. This allows a borrower to lock into a rate before they begin shopping for homes. This takes some time-frame pressure off both the shoulders of the borrower and the real estate agent with regards to market timing. If rates slip within 30 days of closing, we can float down to the new lower rate. The program is quite new and even though I've added it to our homepage, I haven't had time to build a page with the details. So if you have questions before then, just give us a call.
Rates held steady today. Like I mentioned yesterday, the Personal income and outlay data was released. There was a slight dip in overall income but spending was up a bit from the month before. The info release didn't have much effect on rates or bond movement. Not much more news on that front that will affect rates this week - we'll keep you up to date.
Rates held steady today. Like I mentioned yesterday, the Personal income and outlay data was released. There was a slight dip in overall income but spending was up a bit from the month before. The info release didn't have much effect on rates or bond movement. Not much more news on that front that will affect rates this week - we'll keep you up to date.
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