My mortgage broker friends write in with their updates.
“Now is the time to refi!”
“Now is the time to take out a mortgage!”
High volume sales pitch- not really, but this is how I hear this sometimes.
In reality, Frank Cronin writes me:
“Low rates are consistently still in the market…[it] will continue for some time. I also like the fact that our institution [HSBC]…offers pricing incentives (discounts to the rate)…lowering the rate even more.”
Waiting for the other shoe to drop
I know that I’m shortening what he wrote, but it goes on and on…this is where it gets interesting.
“I do not think anyone should feel concerned about the government leaving the jumbo market.
Fannie and Freddie sets guidelines on a national level that actually hurt lending in NY…Fannie and Freddie blanket guidelines are meant for the mid to low value markets, yet because it blankets the county it deters the peak of the market because the guideline are designed for the high end, unique market.”
In a climate where nearly 100% of loans are underwritten and sold to the government- I’m so curious to see who picks up the slack if/when this lending stops.
As my dentist used to say when he’d check out trouble spots for cavities, “We’ll keep an eye on this one.”
Just to add to the positive news, another broker writes, “The good news is that home loan rates recently reached some of the best levels so far in 2011 – and rumors on Friday that Greece may leave the European Union helped Bonds, as traders sought a safe haven.”
Have a good weekend,
Scott