Mortgage Blog

Interest rate was higher again

July 8th, 2013 9:59 AM by Eric Fang

Friday's interest rate was back to level of
July 2010. I did one pre-approval for a client
6 weeks ago for the 30 yr fixed rate of 3.5%,
and yesterday's updated pre-approval was 4.625%.

Also I got a few  "I told you so" emails over
the weekend. Some "experts" warned earlier that
the refinance business will be dwindling down
and how we can survive in this rough market.
And I know that I will survive no matter how
the market goes. I still prepare a few pre-approval
letter for my clients each week, though the good
deals are fewer and fewer with higher pricing
and interest rate.

As we discussed earlier that 1% higher interest
rate will have pressure on the house price(10%
lower usually for the qualification purpose).
So the RE market is indeed slowing down for some
market, though some price range properties still
get multiple offers.

If you can read chinese, I think this following
article is pretty good:


Posted in:General
Posted by Eric Fang on July 8th, 2013 9:59 AM



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