February 10th, 2011 10:25 PM by Eric Fang
Got a phone call from one prospect, who is purchasing a home now and need my quotes for the purchase.And he wanted to quote me no cost loan for the purchase.And according to him, the rate will go down in 6-7 months. And he is a bond trader.
I originally estimated that it will take about 6 monthsfor the rates go back to lower level. So it's kind of coincidence.
But the first step is to break each resistence level.It's very hard to get the 30 yr fixed rate of 4.625%(no cost) for the last two months.
The current rate is at 10 month high again. And let's watch the rate going up and down.