OMG! Take a look at 30 year mortgage rates today.
If you have a loan in process and its not locked, you might want to lock that in today. 30 year mortgage rates are truly at their lowest levels of the year. The 3.5% Coupon Bond is trading at 102.91 at the time of this post which is about an 80 basis point improvement from just a couple of days ago. That means that cost of 30 year mortgage rates were almost a full 1% higher than today. If your loan officer structured your loan w/some rebate in lieu of cost, you’d see roughly an add’l .8% in rebate or credit toward your closing costs. This is roughly a change of $800 for every $100,000 in loan amount. There is definitely going to be some tough resistance for rates to improve much more than this and it can be a bit scary floating in this situation because the resistance level being this tough lends itself to a big bounce back and we might be risking much more than we have to gain by floating. So borrowers, call your loan officer and get your loan locked in. Realtors, make sure your clients are doing this. Call your loan officer partners and make sure that they your clients are protected. For a free rate quote, mortgage review, or property value analysis contact Chris Reese, 916-502-1656, http://www.SacramentoHomeSpecialist.com
OMG! 30 Year Mortgage Rates 8-15-14 - WOW!
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