Monday, November 14, 2016

Mortgage Rates Are Disgusting Right Now


These mortgage rates keep going higher and higher for refinances, va loans, conventional loans, fha loans and everything mortgage under the sun.


The U.S bond markets experienced a very high sales volume which pushed mortgage rates through the roof on Monday 11/14/2016.
The "par rate" hit 4% on a 30-year fixed mortgage, that's a half-point which is huge because many loans that mortgage bankers were planning to lock after the election don't exist anymore, and if they do exist there is a "buy-down," not a pretty one neither. I mean we thought this would hit next year but financial markets are in turmoil for the mortgage industry.
"I can't lock anything right now, now I have to tell my client's they have to come $5,000 cash to close when they didn't have to bring one penny in just one week ago," is what many loan officers are experiencing and saying according to Jon Arpon at Breeze Funding INC. Honestly we thought the rates would drop regardless of who got elected but that doesn't seem to be what happened.
See it's all based on the yield of the 10-Year Treasury Bond. That yield on Monday hit the highest benchmark since December of last year. Now the stock market, that's a different story because the stocks are going through the roof as of this moment. People are saying that the Trump Administration will absolutely boom our economy and loosen the banking regulations. 
The housing market has been fantastic for refinancing lately because of the record-low mortgage rates and I believe this will definitely not help with the rate hike. Everyone is saying the rates are going to continue to go up into next year, there's also people stating that this is just people just over reacting from the election cycle. Only time will tell, there's two things you might want to do at this point, which is patiently wait to see where the markets lands at, or pull the trigger because you risk an even higher mortgage rate. Whichever you choose, use Jon Arpon Orange County's Premier Mortgage Banker. 

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I hope you choose me for the rest of your lives to help you refinance in California in general. If you need to reach me for any questions or inquiries or need a refinance, you can reach me at my FacebookLinkedIn, or Instagram. I am completely transparent unlike my fellow competition. You can also email me at Jarpon@hightechlending.com

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