Brad Niccum Nest Mortgage Group: Higher rates and how long will this last.

Описание: Happy Monday, Brad Niccum Nest Mortgage Group.

I hope everyone had a great week last week and an awesome weekend. My wife and I are having a great time down in Cabo. The weather is awesome, and I always enjoy working from great locations.

I am sure everyone has heard by now that rates took a pretty big jump over the last 10 days. It has been a long time since rates have been in the high 6‘s and low 7’s. I am starting to get a lot of questions about arms (adjustable-rate mortgages) and if they are better. The short answer, they aren’t that much better than the 30-year fixed so they really haven’t had a large demand. I do believe if the 30 year continues to climb the demand for arms will increase and then we will see them be much lower than the fixed. Let’s hope the rates stop climbing and arms don’t become the answer. I know rates seem high today but on October 9th 1981 rates hit 18.63%. Here is a link to a great article and an interactive chart. 18% Rates!!!! Click here


I am glad September is over and October has started. September is notoriously a bad month for the market and this year it was horrible. The market is turning around a little bit today and I hope it continues. This a big week for the market because it is jobs week. That means that there are 2 big reports that come out. One jobs report on Wednesday and the other on Friday. If these reports come out with some weak job creation and an increase in unemployment this could show that the recession is starting and inflation may start to cool off. You all know that bonds do not like inflation and that means interest rates do not like inflation either. I will do another update on Monday to see how everything went.

We are still at 24 hours for underwriting and 24 hours for condition clearing. We are still closing all loan types in less than 30 days. If you have a buyer that needs to close fast, we can do it for you. I am still having a lot of luck getting appraisal waivers before the buyer puts in an offer. This really helps the buyer win in a multiple offer situation. If you need to learn how to get a waiver before the buyer puts in his or her offer, give me a call. One hour pre-approval 7 days a week. Call me!