Big Girls Don't Cry Over the Interest Rates Rising this Afternoon!

By
Mortgage and Lending with Allied Home Mortgage Capital Corporation

 

 

 

Now, now, don't cry. Yes, the interest rates seemed to have darted upward this afternoon.  Some lenders sent e-mails notifying of price changes not once, not twice, but four times!!  However, although the interest rates took a swing upward, let's ride this wave out.  It's normal to have a ripple effect, especially right now.  I anticipate the the rates will lay back down.  Now dry those eyes and see what next week brings us!

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Rainer
19,838
Chris Rosendale
Rosendale Realty - Centreville, MD
Maryland Realtor
i JUST SAW THAT THEY SHOT UP. BUT THEY ARE STILL REALLY GOOD. ALL WE NEED NOW IS FOR PEOPL TO SEE AND ACT ON WHAT A GREAT DEAL THAT IS.
Jan 23, 2008 04:15 PM #1
Rainmaker
863,252
Jeffrey DiMuria 321.223.6253 www.SpaceCoastHomesNow.com
Fontaine Property Group - Melbourne, FL
Your Space Coast Real Estate Expert!
They will drop again in a week when the Fed cuts rates again. At some point that has to have a lasting effect.
Jan 23, 2008 04:15 PM #2
Rainer
25,304
Clint Haynes
Peoples Home Equity, Inc. - Mount Juliet, TN
I saw the rates keep rising, but I think you are right, they will settle and stop bouncing so much after the next proposed rate cut on the 30th
Jan 23, 2008 04:17 PM #3
Rainer
69,706
Jonelle Simons
Windermere Real Estate - Park City, UT
I just hope this doesn't cause a "sky is falling" media reaction.... That's just what we need... Ugh!
Jan 23, 2008 04:24 PM #4
Ambassador
739,304
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Melisa... I am a little late to the party.... but I wish I was here before the Feds met, because I would have disagreed with one comment above. I told many that I didn't see rates changing when the Feds met yesterday and I even talked about this in several of my posts. People need to understand that we can't just keep dipping into our own pockets per se to fix today's problems. Because if we keep doing this, these problems will come back in full force, and possibly worse in a year or so. We need to prepare for what will be happening at the end of this year. This is just my opinion.... but we have about 2 solid points to make up, from what was gained a week ago. They fall easier than they rise for the better, in most cases. If they come back anywhere close to what they were 10 days ago, I say it takes us at least 3 weeks. But anything could change any of this...  just my .02.

jeff belonger
Feb 01, 2008 12:21 AM #5
Rainer
6,427
Lori Lewis
Allied Home Mortgage Capital Corporation - Bethlehem, PA
Jeff-thank you for your comment above, great point and I appreciate it.  If you notice, I wasn't trying to tie in the Feds meeting and the lowering of interest rates with my blogs.  I think that point was proven  the day after I wrote my 'interest rates are appetizing' blog when the interest rose.  I will continue to inform my clients that the Feds meeting does not automatically drop the interest rates, that there are other factors that play into it.  This week when the Feds met, I too told my clients not to get excited.  Interest rates are simliar to a rollercoaster ride and we'll just have to see how the ride turns out. Thanks!
Feb 01, 2008 10:41 AM #6
Ambassador
739,304
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Melissa.... my bad... my comment wasn't in regards to what you wrote in your blog. I was referring to someone above me that comment, and that was the person that I semi disagreed with.  Overall, I agree with what you said. But one thing that you did say, that seems to me is too vague for the average consumer to understand. You said that rates should lay back down.  Down to what? When we hit our lowest peak 10 days ago, on Tuesday?  Or some where in between?  I am not trying bash.  But it's like saying, the sky will be blue at least 50 times this year. My odds are good, but when. In this case, how much better, if they lay down per se. I am not looking for perfection, but just letting people understand that so many people just put what ifs out there...  or vague statements. In your case, the vague rates statement in my opinion isn't as bad as those that pre-qual someone that in no way will get the loan. That's a whole other issue..  lol   Hey, have a good weekend and don't be a stranger.

 

Feb 01, 2008 08:10 PM #7
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