Mortgage rates are 4.75%…No, wait a minute. They shot back up !
Welcome to January, 2009. It looks to be a rocky ride through Inauguration Day. After that, all bets are off. Here’s the good news, though; mortgage rates, while just over 5% this afternoon (up from 4.75% this morning) are still excellent.
Sean Purcell and I discuss why the lenders are raising rates on Radio Mortgage.
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Brian... I semi confused... I listened to the podcast. Not only did every investor of mine lower rates from yesterday in the first pricing this morning, but 2 of them repriced for the better 2 hours later. And I think we will see one more time with lower rates between now and the 16th. After that, I believe they will go up, no matter how much more MBS's that the gov't buys up.
On another note, I think the discussion about why most rates aren't paying much back, so we can charge no points or no fees... or to do a lender credit, is a great discussion. And I agree with most of what you and Sean had to say about this.
Overall, you are right on that you need a loan officer that is watching all of this every hour. It could be a difference of a 1/4 percent in a matter of 4 hours. But yes, rates are still low....and I agree, that they won't stay low. I said that all day today... thanks for sharing this..