November 21st, 2013 9:07 AM by Eric Fang
The rate went up after the Fed Minutes. So 30 yrfixed rate is 4.25%(417k) again for no closing cost.We did a good job this month(Nov) by closing more than 10 loans at the bleak season. Still much morethan most of the other loan originators.
My strategy and the opinion about the rates wasright. I locked a few loans with 30 yr fixed rateof 4%; 15 yr fixed rate 3.125%. A few cash-out rental refinance with the rate 4.5% to 4.75% depends on theloan amount. And also thanks for the business of thepurchase loans. We can help our clients to buildtheir portfolio of accumulating more rentals, whenit was harder for them to qualify. And the other pieceof good news is that I issued 13 pre-approval lettersfor my clients for the purchase, most of them arerentals.
Got another loan applictaion yesterday for the rate 2.625%for 5/1ARM 417k loan. Though the rate went up yesterday,I am confident to get the rate for my clients so we startedthe application today, and will lock when the rate is available.