“Interest Rates All Over the Place”
I need your help again. A few weeks ago the credit union where I bank has a sign up that showed their 30 year fixed rate loans at 3.125%. I asked the teller to have a loan officer contact me. I have yet to hear from anyone, their service sucks.
I should have communicated then but didn’t. Is that rate still out there?
It has been chaos for all banks, credit unions, mortgage bankers and mortgage brokers.
The corona virus has changed our country as dramatically as 9/11. The virus is certainly a shock to our physical, emotional and economic systems.
Interest rates started dropping like crazy and so many wanted to refinance, so let’s put it into prospective. Which is certainly hard sometimes when there is chaos going on.
In 2019 there were 2 trillion dollars in new mortgages which was from purchases and refinances. At the pace new mortgage applications were coming into all institutions, we would have been at a pace of 5 or more trillion in new loans. Unfortunately, this country does not have that kind of capacity. So, to slow the process, what do you think happened to interest rates?
I have taken twice as many mortgage applications than I usually do over the past few weeks. During that time period, I locked rates twice, when they hit rates that would benefit my clients.
Are rates better than they have been? Absolutely. Will there be opportunities to get better rates? Absolutely.
I would be happy to discuss what is possible. Let’s work together.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.