Mortgage Blog

First the news, in 2017, conforming loan limit will be increased from $417k to $422k,
It is still a little bit better for the $5k increase.

Fed had the FOMC meeting on Tuesday and Wednesday, and kept the interest rates unchanged. And they indicated that they might increase the rate in Dec meeting. If you can remember, Fed increased the rate by 0.25% last Decemeber. But the interest rate was lower.

If you read my previous blogs, you know that Fed would increase 0.25% this year, and perhaps 0.5% next year. They increased just for the preparation of the next recession, so they can use the "weapon" of lowering the rate. Otherwise, they could lower the Fed rate 
from 0.25% or 0% to negative. It's better to lower it from 1% or 1.25% to 0.25%.

I know I did not update the rate too much from my websites. But my clients indeed got very good rates. Simply because the rate was in the trading range. When the rate is in the range, it's very easy to do the loans: just wait when the rate is high and lock the rate when it is low. Especially lock the rate for 15 days to take advantage of the best rates.

I locked more than 10 loans this week. Here are some of the rates my clients got, please contact with me if you are interested:

417k loan 20 yr fixed 3%
417k loan 7/1 ARM 2.75%
High Balance loan(>417k) 15 yr fixed 2.75%
10/1 ARM Jumbo 3.25%

Those are still pretty good rates.

A lot of things happened for the past weeks, especially after San Francisco Marathon. 
First, my legs pain prevented me to have a good training, so I did not do well for Santa Rosa Marathon. Then I did a lot of foam rolling, stretches, visited doctors a few times, and thanks god, it is not ITBS. I think I feel much better now. 

Though I will have another marathon on oct 9 in Portland, I will take it easy this time. So I can enjoy and do better for San Diego marathon in Jan.