With the 10 year falling below 3.3% today mortgage rates dropped to the lowest levels seen in the last 12 months. Both 30 year fixed conventional and FHA products hit 4.5% with numerous investors. With a great deal of economic uncertainty, I sure hope we can maintain these levels for at least for a short while.
If history has taught us anything, it is that originators better contact their clients and lock their loans right away. Not being alert or worse, just being apathetic can be deadly in a market like this. Now is not a time to be greedy, it is the time to lock and CLOSE!
I'm sure we'll see a surge in mortgage applications in the immediate future, possibly a mini refi boom. Time to check those vintage pipelines and re-evaluate clients who would now benefit from a rate/term refinance transaction - and don't forget FHA streamlines!
Act now or you might have some regrets!