Mortgage Blog

Rate trend updates, and the internets

November 4th, 2015 9:22 AM by Eric Fang

I just reserved the hotels for San Francisco Marathon in July 2016, Napa Marathon for March 2016. I think I shared with you before, for the San Francisco hotel reserve, for Hyatt Regency, it is only $249 if you run Marathon, already cheaper than most other hotels. But when I book Napa hotels(also got a good deal), but the system used Google Wallet pay. Was it because I used google search, and then it automatically asked me to "use" google wallet?

Another thing,  I might need to watch ANGI(Angie's List) stock, not sure why the stock is low, but I used their service a lot recently. I used for the plumbing service, garage door tuning, and even Christmas lights, etc. If there are more and more people use it, the company should grow. They "pushed" email to my account every week. And sometimes, we think the service is "useful", and I do not know whether I am wasting money. 

And guess what? Facebook always "pushed" some marathon site to ask me to signup. They sent me San Francisco Marathon to me today, still they are not smart enough to know that I already did.

For the interest rate part, I think December rate hike of 0.25% is almost a sure thing now. And the market responded with "higher" interest rate. If you watched the rates in the last a few days/weeks, you will find that the ARM rate, especially 5/1ARM rate was up a lot, though I did get some 2.5%, 2.625% for my clients recently. But the trend is up.

Just want to share with you guys about the clients experience. One client called me Monday about refinance his rental property. He has 3.5% 7/1 ARM for the rental, and wanted to refinance to 30 yr fixed. I explained to him that long term interest rate trend will not be up too much, and this ARM rate will be ok since he had another 6 years with rate fixed, and the Fed will not increase interest rate too much in the next a few years. And this program is still safe. He agreed and wanted to watch to see whether 30 yr fixed will be 4% or lower.

Another prospects contacted with me for about one month now, and I waited his loan application for about one month. Basically he "wanted" his primary rate 2.875% for 15 yr fixed(I had this rate when we talked about his refi) and rental refi of ARM rate 3% or lower with loan amount $450k. I quoted him 3.125% for 7/1 ARM with lender's covering all the closing cost, and he said the rate was "too high".  And I told him that this was almost the same as primary home rate.
Posted in:General
Posted by Eric Fang on November 4th, 2015 9:22 AM



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