Now is a Great time to Refinance!! Especially with todays announcement that they are going to try and lower the rate to 4.5%! Can you imagine a 30-Year fixed loan at 4.5%?
The real estate market needs this desperatly to re vitalize the market.
It isnt there yet (a lot has to happen to really make that work) but today we saw conventional as low 5.25% and FHA as low as 5.5%. *OAC.
Your credit, LTV and other factors will help determine what you can get for a loan. A lot goes in to what decides your rate will be, it is not the same for everyone across the board.
So, whether you wait or not will be your choice but just remember, it may never get to the 4.5%. And if what the rate is today works for you, dont wait.
What happened today is the following:
"This morning, the Initial Jobless Claims report came in at its lowest reading since the beginning of November. The four-week average, however, rose to its highest level in 16 years.
In other news, the Bank of England and the European Central Bank both cut interest rates today in an effort to revive their sagging economies. Here in the US, Secretary Treasurer Paulson is considering another plan to help boost the ailing housing markets. The Treasury already announced plans to buy Mortgage-Backed Securities issued by Fannie Mae and Freddie Mac and now wants to step up those purchases in a coordinated move to drive home loan rates down to 4.5%.
Currently, Mortgage Bonds are near unchanged levels this morning, as Stocks trade a little lower. Tomorrow, the Labor Department will unveil its Jobs Report for last month--and the markets are already bracing for poor numbers, which may help Bonds improve.
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About The Utah Finance Guru!
- Cindee D. Stone
- Loan Officer Interview Q and A: How long have you been in the mortgage business? I have been in the mortgage industry for over 18 years. I have been very blessed and fortunate to have worked with so many wonderful people! How has the mortgage industry changed since you started, and what would you expect in the future? The mortgage industry and changed so much over the last few years. And, continues to change on a daily basis. It is very important to have a loan officer that has the experience to guide you through the process with success. What can borrowers do to insure a smooth mortgage underwriting process? The most common issue during the loan process is getting all of the documents from the borrowers. It is so different now and so much more is needed. This allows us to see the entire picture and make sure it all goes as smooth as possible. What provides you with the most satisfaction in your job as a Loan Officer? Even though the mortgage industry is harder these days, it will never take away the satisfaction and happiness with assisting someone getting into the home of their dreams! Or, helping a homeowner refinance and save money.
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