Financial Update by Maurice Soussé

Interest rates were on quite a roller coaster this week settling a bit higher today for the week’s end. The 10 year treasury bill jumped from about 1.5 to 1.82 at the closing bell today. This drove rates up a bit closing about an .125 to .25% higher than last Friday’s rates.

That is a fast jump on the 10 year treasury over a 3 day run. Usually we will see a bit of reprieve when that happens. Let’s watch next week’s rates and I’ll report to you if they have all settled back down.

We are all certainly getting jaded and spoiled as we get nervous when a zero point loan goes to 3.75% for a 30 year fixed. Yikes. That is still at all-time lows on average. The purchase market is really heating up as well with rates this low. We are seeing multiple offers on many properties right now. One of the benefits I try to provide you is talking with the listing agent and letting them know how strong your borrower is. The reason we pre qualify someone so hard up front is to make sure we are prepared to help the listing agent determine which offer to take……yours!!! We truly try to make sure the listing agent is convinced that our buyer is the best and the deal will close if we say it will.

We’ll be a touch naughty on the quote of the week. Mae West said Too err is human….but it feels divine.

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