Rates
Well what are we supposed to say…. 4’s are still a GREAT rates!
This week more economic news came in indicating that the US economy is really picking up steam. And without any negative words from the EU or the PIIGS, more and more people are flocking to Stocks.
Consumer Sentiment, jumped to 84.5, highest number since July 2007
Chicago purchasing managers index, expected to be 50, jumped to 58.7
Jobless claims held to 347,000, so consistently under a key 350,000.
Q1 GDP grew at 2.4%, expected to be 2.5% so pretty much in line with expectations.
April pending homes sales up 0.3% from March, not a huge jump, but it is UP. And Y/Y sales up 10.3%, WOW
But the biggest move comes from the Federal Reserve, indicating that beginning in June, pending economic news, i.e. unemployment numbers, they will stop the MBS Easing of pushing rates down.
And although I don’t see 5’s in the foreseeable future, maybe spring 2014, I do see mid 4’s this summer.
So what does this boil down to, well we are like spoiled little children, we have been given the good candy for so long, we expect it. Now that big Daddy has taken away the good candy, we are left with the OK candy, and we are crying.
But OK candy is just good too…..
Keep in mind, rates before the collapse in 2008 were in the 6.00 to 6.50% range, and we were selling houses like there was no tomorrow.
Rates in 2005 were in the 7’s, and we were selling houses.
Rates in the 80’s were in the 15-18% range, and we still sold house.
So I am wiping away my tears, and someday, I will tell my Grandchildren that “Back in the day” we had rates at 3.25%.
FHA
Deadline is pretty much passed, beginning Monday, all FHA loans will have Mortgage Insurance FOREEVER or atleast for the LIFE OF THE FHA LOAN.
Don’t say I didn’t warn you.
DocuSign
1st Choice is proud to announce that we have teamed up with DocuSign technology!
This will allow us to have borrower’s eSign 99% of their documents online. We are really excited about this.
It will save TONS of time and hopefully make it easier for borrowers!