Mortgage Blog

This week we saw interest rates continue their rally over last so right now I recommending to “LOCK” because more than likely rates will go back up next week. The thinking behind this is that Gross Domestic Product numbers came out today at a reading of 3%. Optimally, we want to see 2-2.5% and anything above this mark means that inflation is in an accelerated mode. Also, consumer confidence once again came in higher than expected. I still don’t understand this maybe it's because the Democratic Convention has sparked a lot of excitement this past week!

In other news, existing home sales are up - not a big surprise because activity levels are definitely better today than what they were 2 mos ago. New home sales were down and honestly will continue as buyers are going after the deals which basically are your resells.

There are only 4 weeks left to close on the down payment assistance programs. We had yet another investor this week saying they will not take any more applications for these transactions. So, our portfolio of who to choose is getting more narrow - day by day. Get those contracts in NOW because we are closing them in less than 2 weeks!

If you have any questions, need a quick turn around. Please call me at 303.524.9191

Randy Reed