June 2nd, 2009 10:09 AM by Eric Fang
I know most people are very nervous about the market, evensome loan originators. And I did get some phone calls fromthe borrowers about the concern of the recent mortgage rates.
First, I still think the mortgage rate will come down at a veryreasonable level to allow most people to get refinanced, especiallythose people Obama Adiministration to help. Without the low interest rate, Obama's Loan Modification and Refinance planis useless.
I would encourage everyone to take advantage of the new opportunityof low rates to get the loan locked. For high balance loan,any rate below 5.5% is a good rate; For 417k conforming, any 4.875% to5% rate is a good rate.
We will see the rates after the market stablize.