Mortgage Blog

The Rate Trend Explanation because of the shutdown

October 4th, 2013 11:45 AM by Eric Fang

Some borrowers sent me emails about the mortgage
rates, and some mortgage brokers sent to the clients
as well saying that the interest rate will be lower
because of the shutdown of the government and the
slow of the debt ceiling negotiation process.

And last weekend, one borrower asked me to hold the
process and told me that the rate will go down a lot
because of the shutdown.

The rate will not go down unless the shutdown will take
more than 2 months and affect the economy recovery.

I talked to one employee today and he said that he was
happy about the closing so that he went fishing at
his vacation house.

But the shutdown will indeed affect the closing of the
loan, especially when we could not order tax returns,
but most lenders will take the returns the borrower
submitted this time, until the IRS reopen the door.

Posted in:General
Posted by Eric Fang on October 4th, 2013 11:45 AM



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