Financial Update by Maurice Soussé

Ouch…rates went up again an .125% this week. The 10 year treasury closed at 1.9% pushing mortgage rates a bit higher. Is this the start of the turn? We shall see, but something tells me we haven’t started the permanent upswing yet.

This week we have had 3 appraisal challenges. The market is certainly moving upward faster than the comps are closing, hence a real challenge for the appraisers to meet values. We have been working through most of the issues successfully but try to help supply some good closed comps for the appraisers.

Underwriting times are fast on conventional FNMA/FHLMC loans. The jumbo, FHA and portfolio loans are still a tad slower, but, are moving through at a decent clip.

An unknown author said “Anywhere is paradise; it’s up to you”. Take a look around. Are you in paradise today? Could be.

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