What I do for people is I look at the weighted average of what their mortgage rate is.
You're going through a fire drill before closing, lining up inspectors, attorneys, getting paperwork together. It's a lot easier if you already have the loan in place.
Monday morning is usually my busiest time. I've had only a half dozen applications today.
I think they're probably going to do one more at the next meeting for another quarter per cent because they think that inflationary figures are still running a little higher than they would like.
A lot of lenders are sending out letters stating that they are going to start accepting loans at higher loan limits well ahead of the Fannie Mae announcement.
I think people who were trying to get into investment properties and trying to flip them won't see those financial advantages with the short-term rates being higher than the long-term rates.
The fallout of higher short-term rates will be seen in second mortgages, lines of credit, car loans and consumer loans.
We're making a transition from a seller's market to a buyer's market. Inventory is starting to swell.
I'm seeing some gradual softening of about 5 percent in real estate prices so far this year, but nothing precipitous that would indicate a bubble exists.
It was quiet, but the last few weeks have been brisk.
