With all of the frenzy over whether or not Countrywide is going under, here is a GREAT article that makes sense.
Archive for August, 2007
LOCK YOUR RATE, ASAP!
Our in-house lender, Tom Obrien, emailed this out today,
“Because of the current market with a lot of lenders going out of business, rates on Non Conforming loans ( loans over $417,000), and Alt A (stated, on full doc loans), their rates are going up quite a lot to cover their losses in the market and because of their high risk. If you’ve got buyers that don’t have locks on their loans, please make sure they do now.
Rates have moved up .625% in rate this week on 30 year fixed loans, and ARM’s have moved up .25% – .50% in rate. The conforming loans (loan amounts up to $417,000 and under) have actually gotten better this week. Please don’t hesitate to contact me with any questions.”
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Sam-I-Am Your Agent... 