June 11th, 2010 5:00 PM by BILL WILBANKS
Price (points) improved this afternoon leaving most rates at the week's already unexpected historic lows and really has the phones ringing. Do you hear that...? That's loan officers across the country letting out a sigh of relief after last Friday's market bad dream that left most wondering just how high and fast rates would go up this week before pending loans could be locked or shoppers reeled in before price moved next hour.
Rates were after all a little up and down, but a 30 year fixed in the 4.5% to 4.75% range depending on the request and the borrowers credit worthiness is nothing short of remarkable. All it will take is a little good news on jobs, a report that inflation is rearing it's nasty head or any unsundry country in the known world like Greece, Spain, Hungary and who knows who doing something stupid like defaulting on their debt or China doing almost anything with the amount of our debt they hold and rates can be off to the races in a flash any given day.
Here's a "did you know" question and thought for the weekend. Did you know that second or vacation home rates are the same as owner-occupied rates in most cases? So, if you own one now and you're not upsidedown on it, what a great refinance opportunity. If you have ever considered owning a second home when do you think you will find another time when homes can be had at prices like we are seeing today at rates that your grandparents got 40 and 50 years ago? It's half full you guys.