I believe Mr Brinkman is correct when he states most people are trying to lock in a lower rate. Only those who haven't been greedy over the past few years with first, second and third mortgages based on overinflated 'values' will make it to the closing tables. Then again, AVM's and skippy's are still alive and well despite the risks.
Another side though is that only an estimated 2 out of 10 will actually close because of tightened credit standards. If you don't have full docs and a score of at least 720, the loan will never close. (The way it USED to be!).
I had a conversation with my banker today. They anticipate a 15 year fixed at 4.25 - 4.5% and a 30 fixed of 4.75 - 5%. Obviously based on credit score and adequate LTV.
This is a nice bone for people who did not get tempted by the events of the past few years.
Hopefully more business for appraisers as well.
Good luck to all!!!
Arvest posted 15 yr fixed at 4.5%. The banker is swamped with applications. The trick is that they cannot 'fix' the rate until its approved and it has went from 4.86% yesterday...who knows what it will be tomorrow.