January 15, 2019 The third increase for the year has pushed the interest rates across the board. Prime is at 5.25%, mortgage rates now in the 5's and the savings rate inching on to 2%. The world stock markets have dropped and closig to 'correction territory'. Indeed a very tricky balancing trick for the Fed. World economies and the President are signalling for a slowing rate spurt. We shall see! For now housing inventory has spiked up.
Although rates have increased a renewed easier mortgage qualifying has opened up qualifying. New mortgage products for non permanant buyers with jumbo loans with lesser down payments has opened up the first time home buyer market in most of California!
Majority of the activity is for getting buyers preapproved for purchase loans. This allows for closing purchase loans within 21 days.