Better READ If You Plan To BUY

Dated: 06/24/2013

Views: 899

As of 6/24/2013 Update from one of the top lenders

Good Morning, Just wanted to update everyone on some key factors in the market right now.  When writing contracts, please remember to get updated preapproval letters.   Rates are GOING UP and they are going UP rapidly.  Any loans that are new construction and are not 45 days out from completion are affected as well and we will be working diligently to give updates on these customer statuses as well.   The market jump happened drastically on Friday with rates changing 3 times that day ; the rates are unpredictable and we are all adjusting to the market movement.  A month ago rates were averaging 3.5%, today you will see the rates in the mid to upper 4’s.   This is the highest shift we have seen in the past 3 years and the only shift with no brakes.  Today rates are not out yet but we won’t see a stop in the increase.  Customers will be affected by these changes as we will see increases in monthly mortgage payments affecting preapprovals.  Thanks in advance. 
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The Louis Williams Real Estate Group .

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