I was just thinking that homeowners may want to refinance, now & to get that 9%, if they are still in a higher refinance rate and they didn’t refi in earlier years!!! That would help put us back to work!! I’ve been watching the SA’s in my area getting busy…dropping their docs at the pickup! 1in particular who I know is $50 cheaper than me, with the same SS, was very busy the last 3 months, with at least 2 a week, & I was not!! But lately I have been busy…I’m grateful to be busy!! I’m hoping that all of us will be busy!! Just needed to vent!!! Have a phenomenal Wednesday all!
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Or they could go with an ARM at a lower rate and refi when rates drop. I did a 30 year10/1 ARM today at 6.99% with no points. It’s hard to lose with that since 6.99% is normal.
The 2% anomaly from 2020-2022 was artificial and never happens. When buyers, LOs and Signing Agents complain about rate increases, they haven’t been around the mortgage business very long.
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For the time being banks and lenders have done away with most of their ARM products.
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Many state-chartered banks are still doing ARMs; 10/1 ARMS are of much less risk to them than a 3/1 or 1/1. Granted, these are Conventional and you must have 20% down. We have 3 very good community banks in this area and they all do ARMs.
Unfortunately, most borrowers jump to national lenders without doing their research but if you have very little down or need a VA or FHA, you might not have a choice.
When I still had a mortgages, I almost always had an ARM but I also knew how to keep my eyes on the market.
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I really am not concerned with what they do, I just need them to make a move and do it so we can get busy… buy, sell, refi, 1031, any of that will put us NSA’s to work and hopefully at good rates $100.+, IMO, IJS!!
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