After three straight weeks of declines, 30-year-fixed rates this week jumped 9 bps to 3.85%.
Good afternoon! Was this newsletter forwarded to you?Sign up here.
Hello, LOs!
The two-headed dragon of war in Ukraine and fast-rising inflation has complicated matters for many would-be U.S. homeowners and their LOs in the last month.
Following a month of ups-and-downs, 30-year-fixed rates this week jumped 9 bps to 3.85%, according to Freddie Mac's PMMS. They'll likely continue to fluctuate for the foreseeable future.
"We've seen rates move so much in such a short period of time, where a borrower can afford a house today, by the time they're getting closer, but then they didn't lock the rate, that rate could be 50 basis points higher. So that's a really scary time," Richard Steinberg, founder of Nationwide Mortgage Bankers, told my colleague Flávia Furlan Nunes.
Given the volatility with rates, Steinberg suggests that consumers lock loans when they can afford it.
LOs, what are you seeing out there? Are you recommending that borrowers lock in rates now? Or do you have another strategy? Share your thoughts with me at jkleimann@housingwire.com.
Mortgage rates rose 9 bps to 3.85% for the week ending March 10, which Freddie Mac economists attributed to rising inflation and uncertainty about the war in Ukraine.
The early pandemic had many borrowers worried their loans wouldn't close on time. With IDS' Solitude Solution and eClose platform, Collins Community CU saved the day and the loan! Learn more about how one CU helped its members with a single click. Sounds super, man!
Some LOs are making inroads with potential clients through use of social media, leaning on their multilingual skills and doing old fashioned cold calling.
EmoticonEmoticon