Wouldn't you know it, interest rates are on the rise again. I know that the Fed just cut rates and that it was a good thing, but, I keep trying to figure out for who? If they cut the rates again, what would be the outcome? Would we actually see the interest rates charged to our clients/buyers go down? Or am I being naive?
I like to think people are basically good. However, I wonder who is benefiting from the recent rate cuts? Is greed at play here?
I might be wrong, but, if this industry is going to get back on its feet the lenders are going to have to make some sort of push in the right direction. We can only do so much as REALTORS. We send our clients to Lenders and hope they qualify, and if they do we then hope they are actually getting a fair deal. Are they are educated on the loan and do they understand what they are signing? I would like to believe they do, or else we did not learn from our mistakes that got us all into this mess.
To me the Real Estate Industry and the Lending Industry have a symbiotic relationship, and when one fails, they both fail. When one succeeds, they both succeed. Only now I do not think the Real Estate Industry is succeeding, and the Lending Industry is starting to look a bit better. We need each other to survive, so I plead with the people who call the shots to give our buyers a break, and give our well qualified buyers a chance.
This was not intended to slam lenders Moreover, this is an offering of the olive branch to the powerful players in the lending world. Help us to help our clients, yours, ours, to live a part of the American Dream. Owning your own home, without fear of losing it later to a bad deal, or their oversight of the terms they agreed to.
This could also be extended to those who could help past clients who are living in fear of losing their current property. I wish that no one had to suffer hardship, but the world just does not work that way.
I just want to know that if it were me, I would want someone in my corner, someone I could depend on to lend a helping hand when I need it. I do not expect handouts, but a giving me break would be nice. It would be great if others could catch a break right now too. They actually need it.
In closing, this has been an opinion, and nothing more, do not take it to heart my friends. Especially the lenders, we may need to work together some day.
By the way here is an article that talks about the rise in 30 year mortgages.