We had two mid-day rate increases yesterday for conforming and jumbo loans. We have gone from 5% to 5.25% on conforming.
The secondary market on Jumbo is still not in good shape which is causing some of our lenders to move from 80% LTV to 75%.
If you have clients waiting thinking that homes prices may fall further they may lose any of those potential gains by increased interest rate. I will keep everyone posted rates tend to bounce around.
Bob Leahy
Equitable Home Mortgage
Ph 480-502-3524
E-Fax 480-624-3617
bleahy@equitablehomemtg.com
www.bobleahy.net
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