Posted by desktopfull on 6/20/13 10:14pm
Msg #474169

Anyone else notice the interest rates rising on the loans?

Last month all my closings were at 4% or lower. Now they are all over 4%, even had several at 4.75%.

Reply by Lee/AR on 6/20/13 10:32pm
Msg #474172

Not yet, but am sure it's a-coming. n/m

Reply by Laurie Manzanares on 6/20/13 11:09pm
Msg #474177

Re:rates rising on loans: Yes->4.27 & 4.5 starting to see n/m

Reply by Karla/OR on 6/20/13 11:13pm
Msg #474179

Here's an article I received today from XXX regarding this subject:

Refi's Plunge As Mortgage Rates Rise

Mortgage refinance activity is down 36 percent from its peak in May, according to the Mortgage Bankers Association — a trend fueled largely by a hefty jump in interest rates.

The MBA reports that the average interest rate for a 30-year, fixed-rate mortgage hit a 14-month high of 4.15 percent last week. The fact that many homeowners have yet to take advantage of generally low rates could keep refinance activity fairly strong, even if at a slower pace, economists and lenders say.

Forecasts from late last year predicted strong home sales but a sharp drop in mortgage refinance activity.

Reply by Marian_in_CA on 6/21/13 12:41am
Msg #474187

Yup... going up...

...and apparently the word isn't out yet, because there's not a big backlog of work right now. The couple I met with tonight only started their refi at the end of May... said it was pretty easy and went fast. In fact, their rate lock was good through September. This was a direct from Escrow job, but I don't think that has anything to do with it, really. I know that today was the earliest they could sign, and everything was ready to go so we just got it done.

Reply by ME/NJ on 6/21/13 2:11am
Msg #474194

Not yet, still working on all the deals that locked into lower rate. Three deals today the rate lock expired today. Also seeing more 15-20 year deals keeping rate under 4%.

Reply by snowflake/PA on 6/21/13 8:35am
Msg #474204

Yes. They are up a % point from a sort time ago. Still

getting refi calls. Was chastised by LO brother because my work load is slowing down, as is his. Says the wave is to get in with RE offices. Purchases. - Well - what the hell - I close purchases, too. lol

Reply by C. Rivera Chicago Notary Services on 6/21/13 10:19am
Msg #474222

ditto...and the BO are not at all pleased... n/m

Reply by NVLSlady/VA on 6/22/13 8:12am
Msg #474320

Got 5% (or was it 5.25) nearly 10 yrs ago when I bought my home. Definitely wouldn't go thru a refi now at 4.5+ (another thing IF prop values go way up)

Yet, several signers telling me this is their 3rd or 4th time. Really???