Don’t pick up pennies while dollar bills fly over your head!

Recently Market Watch published a statement that read: Freddie Mac: Fixed mortgage rates hit another low (Marketwatch Bulletin Published 7:29 am Thursday). At this point we are generally begging borrowers to take the lowest rates that we have seen. The paper is yesterday’s news people so when you call the following day as they publish the good rates they are gone.

Many times I cannot get a borrower to lock their rate because the media makes it appear that rates will continue to go lower. If not the media the government makes it seem that they will continue to slide. At this time I had mid to high 4’s available. Fast Forward to Friday at 3pm. The rates were low to mid 5’s. A movement of .5% in less than 36 hours.

The Moral to the story is simple: Lock Profit. If your mortgage professional says I can save you $319 don’t try to get to $350. Walk away from the table sir/mam. Don’t bend over picking up pennies while dollar bills fly over your head!

I am sorry to be out of character and rant for a moment but I cannot understand why we choose not to lock in savings and say in the same sentence that money is tight.

As always thank you for reading,

freeman_signature2

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