Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace

  • Home Loans up to $3,000,000
  • Interest Rate Float Down Option
 

Have Questions? Call 949.973.0141

Mortgage Rates See Rapid Rise

 

Bond Selling Moves Rates Higher

Bond Selling Moves Rates Higher

Orange County, CA – Wednesday saw mortgage rates surge ahead, reaching and eclipsing the high of the year so far. This means that for the majority of lenders, for the first occasion since the middle part of 2012, it means that best execution for 30 year fixed conventional loans are back up to 3.75% with no discount points. It’s very important to keep in mind that so called ‘best execution’ can vary depending on your unique circumstances. The upward mortgage rate trend has been slowly but steadily continuing since Thanskgiving week last year.

The stock market continues to be resilient despite some weak economic data in certain sectors and positive data in others. Unemployment was down but GDP figures in Europe were dismal.

This is not a market to play around with because the day to day volatility can be extreme.  There are more sellers in the market than buyers. The Federal Reserve continues to purchase billions of mortgage backed securities on a consistent basis. But their buying power alone has not been able to stem the tide of rising bond rates. When you see a rally, regardless of how big or small, take advantage of the better mortgage rates & pricing.  However, your safest bet is to lock your interest rate and move on down the road.

For PrimeLending clients we advise locking then floating. Use our world class Float Down program to lower your mortgage rate at no additional cost, should the markets drop.

ASK ME ABOUT THE PRIMELENDING FLOAT DOWN OPTION

 

 

If you’re confused about what sort of borrowing you should be looking at to suit your personal circumstances, then it might be an excellent time to speak to a mortgage advisor. We can explain the infinite details to you about the programs that you’re eligible for. Let’s see what’s right for you in this difficult market place. When it all seems a bit complicated and difficult to understand, we can help you to make the right decision. Get in touch today.

Scott Storace

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