Calm down but move quickly                Jun 18 2009

  Mortgage rates are up but we've gotten some relief this week.  After jumping 1%, rates have come back down about .5%.  But this may well be a short lived rally, so if you are thinking of refinancing this may be the time to start.......Many people have put off starting their refinance because they had been convinced that the 30 year rate would fall to 4.5%.......Remember, you can start the refinance and be ready and not have to lock in your rate until it hits your target.  You can start the process and never complete the refinance at all if the rate never gets to your level......But you must get me an application and invest in an appraisal.  That way we have a complete loan file which can be locked at any time......

     At the end of May over a two day period, mortgage rates jumped an unprecedented .5% over a two day period.  Most industry veterans had never seen anything like it.  It seems as though this rate spike was due to several fears factors coming together at once and spooking the market:

* Rising energy prices

* Optimistic predictions about the end of the recession

* Concerns over the US total debt load

* Fears of longer-term economic inflation

   Once the rise in rates started it became a panic.  And it's not now clear when rates will relax and fall back or if they will.   It seems like the Fed/Treasury will again exert effort to push mortgage rates down and support housing, but one wonders just how much and for how long they can push against broad market forces.

   Exact rate quotes are very custom these days.  So many variable impact rates (loan/value ratio, credit score, loan size, loan purpose (purchase, refinance, refinance with cash out, whether you have a second mortgage or not)).......for these reasons a one-size-fits-all rate quote does not apply.

Please contact me for a custom, guaranteed quote.  All I need is property value and existing mortgage balances for a refinance, and expected purchase price and down payment size for a purchase.

Email me at steve@southwoodmortgage.com   I'll send you back the numbers you're looking for (rate, payment, costs) and I won't bombard you with emails after that.

If you're really serious get me a complete application to have on file and I'll add you to the Watch List.  You can apply on this site or email me and I'll email you back a one page application form.

And I'm always available by phone  816..942..9800 in the Kansas City area and 888..768..8496 toll free.

Steve Taylor