BLOG - Marin Real Estate

Interest rate shot up during the past two weeks, caught quite a few buyers by surprise... and sellers get the ripple effect.... One of the mortgage broker said that the last time market is like this was 9/11....   

I checked with several trusted mortgage brokers/lenders on the rates for my clients, they are very careful about quoting the rates as the rates are quite fluid at this moment; sometimes the rates are adjusted several times a day.  If you are the buyers, you should be on your toes and be very diligent in locking in the rate, keeping good credit score, looking for good rates from trusted providers. 

I also checked on various internet sites advertising unbelievable rates (o.k. relatively speaking), when I submitted my criteria, the rates quoted are quite higher than the ones on the site.  So, be careful when you shop around. 

What's the trend?  I asked the mortgage brokers I work with, their consensus seem to be that the rates will go up, so lock in soon....  

This is affecting buyers in that some escrows fell through becaues the house the buyers are interested in become too expensive to pay.  A few buyers are looking at less expensive houses, and some are waiting for the rate to drop .. hopefully it's not too long....  

For sellers, . consider the above, be careful of how you price your house, make sure the price is realistic; when you are in escrow, make sure your agent is digiligent in follwing up and having conversation with the buyers' mortgage broker (with the buyers permission, of course), to make sure everything is going on track.....  Where a good agent comes in.... .