It finally happened. Rates jumped and are not likely to go back down. If you stood on the dock and waited for the next boat....you missed it.
Whether you believe it or not, talks of the Fed arguing over whether they should continue to help the economy coupled with a few better than expected economic reports has caused investors to sell off their mortgage bonds which pushed mortgage rates higher.
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What does this mean for real estate? It's good news actually! You see, low rates help entice people to buy homes but is not the main driving factor. A person who is gainfully employed and does not fear losing their job will be more likely to buy a home than someone looking for a good deal.
The only way the Fed will stop buying mortgages is in a strengthening economy. A strengthening economy means more jobs which means more home buyers. More qualified home buyers brings about more creative private financing which in turn fuels home buying.
Build your teams to handle the volume now. Otherwise, reduce your service level or turn away business. I believe we will see a surge of business within the next 12 months. I have hired additional staff and I'm training them to handle the increases in volume. Here we go folks!
How to Shop Mortgage Rates
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First Priority Financial NMLS#3257 First Priority Financial is licensed by the CA Department of Real Estate Lic# 00654852