I watched the movie Wall Street last week (1980s classic with Michael Douglas and Charlie Sheen), and I had to laugh at the scenes of the stock market trading floor where traders are buying and selling stocks in a frenzy during a stock market rally. I chuckled, thinking things don’t work like that anymore with increased technology and market efficiencies in today’s stock market. The days of frenzied brokers are a thing of the past, I thought!
Ironically, I found myself today inside the frenzied pit of a mortgage market rally as mortgage interest rates have plummeted below 5% for conforming 30 year fixed loans, below 4.5% for 15 year fixed loans, and 4.25% for 10 year fixed loans! I’ve tried to be on the phone with as many clients as possible because, as with any market rally, you never know when it will stop and you don’t want your clients to miss the boat. I was just like those crazed traders on the trading floor trying to get great deals for my clients before the deals are gone!
As the day winds down, rates have continued to remain incredibly low for qualified home owners and buyers. Tomorrow has the potential to be an even better day with a very important unemployment report scheduled to be released. If our country’s monthly unemployment report shows higher than expected unemployment numbers, mortgage rates may fall even more!!! If you want to talk about your refinance options, please give me a call as soon as possible to discuss your options. Or, please let your friends and family know that you heard from your awesome mortgage and real estate consultant for life that mortgage rates are low and they too should consider refinancing or buying. Regardless, I appreciate you reading my memos. Now, I’ve got to slip my colored jacket back on, dive into the pit, and get back to locking more low rates!