Over the past 6 weeks, interest rates have increased by about .75%. So now, rates on the 30 year fixed range from 4.0%-4.5% (depending on loans size, credit, property type, value, etc.) while 15 year fixed loans are 3.25%-3.75%. This is the result of mostly positive economic news; increased consumer confidence; tremendous stock market gains; recovering in the housing market; and last, but not least, the feeling that the Federal Reserve will slow and eventually stop buying billions of dollars in Treasury Bills.
So, I suggest that if you have one of the following types of loans, you contact me to see if you qualify to lower your payments. Similarly, you might want to let your friends and family know as well:
1. If you have a 30 year fixed with a rate of 4.5% or greater
2. If you have a 30 year fixed and are considering switching to a 15 year fixed
3. If you have a 15 year fixed of 4% or great
4. If you have ANY adjustable rate mortgage with less time remaining on the fixed period (i.e. 5 years for a 5/1 ARM, 7 years for a 7/1 ARM, etc.) than the time you intend to remain in your house
5. If you are looking for cash to pay down debt; invest in a business or for education costs.
Also, of course, as the real estate market heats up, we are getting a lot more requests for purchase loans. We can help with this by issuing pre-approvals and quick lender commitment letters. We are mortgage bankers and can approve and close loans within a very short period of time.