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Tagged as: bond market, fha, initial jobless claims, mortgage banker, mortgage bonds, philadelphia fed, ppi, primary residential mortgage, producer price index, retail sales, reverse mortgage, steve russell
{ 3 comments… read them below or add one }
As simple as it sounds, calling out the specific interest rates that people can get is the most effective way to entice them.
I recently made calls to folks in my database to tell them to refinance. Of course, in my local market in the Phoenix area, there are many where this is now not an option.
Talking with lenders, they got busy in a hurry. On the Realtor side, we hope this will drive buyer interest.
Talk of Down Payment Assistance coming back would be beneficial to our market here as well.
David Lorti
Chandler Real Estate’s last blog post..Remodeling Your Home? Recoup!
Hey David, thanks for stopping by.
Quoting rates can be a double edged sword. It is useful information for those trying to make a decision. But, most people are unaware that rates change frequently (in fact, multiple times daily). This can sometimes lead to an awkward conversation when a borrower has waited too long to start the process only to find out that the market shifted. Another issue is the tiered rates based on property type and credit score.
I don’t know how to instill a sense of urgency more clearly than to say that rates are at the lowest point in 40 years. Waiting for an extra 1/4 point lower is risking losing double that if the market shifts in the other direction.
“Waiting for an extra 1/4 point lower is risking losing double that if the market shifts in the other direction.”
Good point Steve!
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