Crazy Mortgage Rate Market!

I just wanted to talk briefly about the volatile rate market the mortgage industry is experiencing right now. Rates are going up and down so fast it is very tough to stay on top of. We have experienced days that have endured 5+ re-prices! That means we can quote a rate to you in the morning and if it is not locked, it changed 5 different times! Just imagine how that can make the lender and the client feel. With this being the case, we are extremely cautious about the rates we are quoting. Our goal is absolutely no surprises. While we cannot control the market, we can help you set your expectations. This way you are ready for the ride. If you are someone who wants to lock right away, we can do it. Many want to wait and try and catch the market on a down day to lock. This is fine too, just be aware it can sometimes be tough to get the lock request in. A couple weeks ago, rates dropped so low that an enormous amount of lock requests were attempted and re-prices hit before thousands of loans across the country were able to be locked. There simply was not enough time!

I don't bring this up to scare anyone! Just be aware of this volatility. This way we can consult with you and find out what your goals are and your tolerance level.

We also want everyone to be aware of the increased turn time it is taking lenders to get loans closed. Refinances are extremely backed up! If you are thinking of refinancing you may want to get started. This way you have plenty of time for your loan to work it way through the pipeline! The further along you are in the underwriting process, the more favorable pricing you will receive when the market does dip!

Your comments and questions are welcomed!

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Professional Mortgage Group, Inc.
"Your Columbia, MO Mortgage Broker"