Mortgage Rate Roller Coaster
Posted January 23, 2008
Earlier today, mortgage rates dropped big time. The bond market had taken a big hit and that forced mortgage rates down considerably. However, by mid afteroon, bonds had rebounded and mortgage rates took a big swing up. A jumbo loan that I had quoted at 5.75% by the end of the day turned into a 6.125% rate!
“Rate Shopping” in today’s market can be a dangerous thing. If you had called this morning and gotten a quote on that loan, and wanted to call 5 other lenders seeking the “best rate” you would have seen a wide variety of numbers. By the time you would have called me back, the rate would have changed dramatically and you would feel as if someone was playing games. As a matter of fact, I got 5 rate change notifications today alone!
When you are in the market for a mortgage loan, you really need to go with someone you can trust. The Ed Nailor Mortgage Team is here for the long haul and is dedicated to bringing you the best possible program to fit your needs. We can search for the best rate for you and minimize your risks by calling around. Let us do the work for you!
In Charlotte and the surrounding areas, call 704-651-8704 for a free mortgage analysis.
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