Lots Happened in Week One
Happy New Year! The year started off pretty quietly, but then the Fed, Shopping and Jobs—yes, all in 1 week. The Fed minutes from the meeting in December were released and it seems that they think they may need to raise rates more than expected. Or more quickly than...
No Financing, But Pre-Approved?
My brother just sold his home after 2 buyers backed out because of not getting financing. How can this be, since they were pre-approved? Annie Great questions! Its hard to guess why this would happen twice – once burnt and all that, but the main reason people can’t...
Busy Week and it Shows
It was a busy week in economic news, and the rates show it. Tuesday we got a revised GDP for October up to 5.3% from 2.9% – wow did the US start producing or what? Such a big jump was not “mortgage interest rate friendly”. Wednesday the ADP payroll number came...
The Power of Credit Scores
Client applied for a loan with 593, 615 and 633 credit scores. In lending we use the middle of the three. With that rate the only loan I could find for $952,000 was a rate of 5.99% for a 7/1 ARM (meaning fixed rate that turns into adjustable) – yes with 30% down...