Everybody wants to know the direction of mortgage interest rates. People ask me all the time. I should know, I’ve been working on mortgage lending for 34 years and am an expert in pricing and hedging loans.
So, if you are still looking to refinance or purchase a home and need a loan, you want to know. Do I lock the rate now or wait longer?
Solution: I don’t know. I wish I knew the answer. In my experience, when the rate seems good, lock in it, don’t gamble. Rates seem to be on a downward trend. The traders say the trend is your friend. In the big picture, any mortgage loan below 3% is a good deal. My clients are receiving loans at rates between 2.625% on a jumbo 10/1 interest only ARM, or 2.75% on 30-year fixed rate on a conforming, high balance or jumbo loan, or up to 3.25% on an investment property refinance. Don’t agonize over it too much. When the numbers pencil out, lock it in and get it done, so you can move on with more important things in your life.
Recent review on Google:
“Dan Stone is amazing! His help and advice took so much stress out of trying to get a loan on my own. He saved me thousands by researching and getting me the best possible options. He double checked my documents and helped make the process fast and easy. I will definitely use him when I refinance in the future.” ~Cathy L.
Call 714-310-4162 for more information.