Mortgage Blog

Sometimes lenders will give a little bit better rate
to "attract" new business. But it is still very hard.
Like today, 15 yr fixed has 3.625% with 400k loan
for impound account; 10/1ARM 3.75%. Personally I
think 10/1ARM 3.625% is possible.

I have one borrower who is interested in 10/1ARM
high balance. Currently with the rate 4.125%.
4% is very possible in the next a few weeks/months.

If you read a my recent blogs about the lower
appraisal values. Yesterday and the past week,
two banks agreed to lower the purchase price,
one lowered 10k, another lowered 7k.

And I will let you know the result for another case,
the appraiser value is 30k lower than the purchase
price.

So basically lower appraisal value is good for buyers.
And the banks are willing to lower the price.