We Hope It’s Temporary. It Pays To Prepare!
Q: I got a rate quote from you last week on a refinance and, since rates are supposed to be going down I did not rush to get my documentation to you. Now I am shocked to find that mortgage rates have gone UP and the quote is no longer good. What happened to rates?
A: Both the U.S. and China decided to delay the most recent round if insane tariffs, in moves designed to lessen tensions and calm the financial markets. Typical of the rabbit-like traders on Wall Street, this news put traders into a full-on Bull Market mood and they have been buying stick and selling bonds for the last five trading days—erasing most of the gains in mortgage rates and mortgage backs securities from the mortgage rate friendly trading month of August.
On Thursday, the ECB (European Central Bank) lowered interest rates and instituted some policies to further stimulate their flagging European economies, so it has been a bit odd to see our U.S. stock market taking off in the manner it has over he last week. It DOES seem logical that the economic slowdown will become global and the U.S. will enter a recessionary trend sooner or later. Our Fed meets Tuesday and is expected to LOWER rates again, so STAY IN TOUCH!
FYI: Once you get a rate quote that you like from any source, I suggest that you quickly get quote from ME on the same trading day to compare opportunities. When you choose the quote from me and want to lock the rate, my suggestion is that, knowing that rates can change daily, GET THE MAJOR PORTION OF REQUESTED DOCUMENTATION TO ME ASAP — HOPEFULLY THE SAME DAY OR VERY SOON—so your rate can be locked and guaranteed. We don’t always need EVERYTHING to lock the rate with confidence, but if we have not seen your taxes and income information since 2016, it’s advised to get that in to me quickly. I can be reached at 831-818-7700 seven days and nights a week for individual guidance, money saving strategy and interest rate opportunities. You can also send email to me at jchubb1@gmail.com. I ASSUME that rates will come back around and my advice is to let me help you PREPARE ahead of time to be ready to take advantage of rates when the time is right for YOU. Don’t be left behind!