Posted by 101livescan on 6/27/13 8:56am
Msg #474865
On a positive note, there are good things on the horizon.
The refinance business will slow to a crawl, because interest rates are indeed on the rise. While my June month end was absolutely over the top, this week is slower, I'm doing some cash out refinances and people are buying other properties for investment/retirement homes. There are still loans in the pipeline. With interest rates going up, it will mean fewer first time buyers as they will be priced out of the market or have to bring more money in for the transaction to occur.
http://corp.bankofamerica.com/business/bi/perspective/resource?p_a_id=647046&g_id=10157&cm_mmc=GCB-Integrated-_-Google-PS-_-economic%20forecast-_-Feb.%202013%20-%20Lucky%2013%20Article%20-%20Phrase
Our own UCSB Economic Forecast panel this year, held at the landmark Granada Theatre, predicted interest rates to increase to 6% by yearend. They are usually right on.
There are plenty of things to be positive about. I believe 2013 is going to be a great year for all of us, no matter what we do as notaries or other careers. I think we all just need to find our groove and move forward. If we focus on the negative, results will be negative. Just as focusing on the positive will result in more positive energies.
HARP loans won't be as prolific with higher interest rates. Most people already are at 6%, so this program is diffusing. I'm not an economic guru, just conversing with several loan officers at different banks and mortgage brokers' offices tells me they have shifted their focus too.
Hope you all have a meaningful, amazing day.
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Always helps to gain a little 'perspective' on things . . .