3 Big Things: A rocky week for the mortgage industry, Market volatility is causing things to go up and People are rushing to buy or refi now that rates are going up.

Hey, Bruce Woodburn with CrossCountry Mortgage. I’m The Loan Arranger and it’s time for the three big things you need to know.

  1. All right, first big thing: What’s going on with interest rates this week? Well, it was a little rocky again this week. I know you’re not surprised about that, because I tell you every week, and we did see another increase in interest rates. We are definitely approaching those fours pretty rapidly. However, there is some good news, but let’s just finish up on the three big things you need to know.
  2. Why were interest rates up? Well, I always explain to you that when the bond market deteriorates, that’s what causes interest rates to go up. But why did they deteriorate because of uncertainty? What uncertainty might there have been? Well, as you know, our wonderful Fed reserve chairman, Powell has promised to raise interest rates three times this year at a minimum, and he promised that that was going to happen right away. Well, he came out this week and said, You know what? I’m going to delay the first increase until March. Oh, really? Well, that sounds really good to me. We got a little bit of a reprieve. Well, not so much. What do you think that the market does, Wall Street, when there is uncertainty as to when it’s something’s going to happen, negative or positive? Yeah, they air to the side of caution, and they hedge up. So because of the uncertainty, the market took a bath, and that’s what happened. And that’s why interest rates went up.
  3. And then the third big thing you need to know is, is it still a good time to buy? Did I really miss the boat? Are all the best rates in the rear view mirror? Well, the best rates are in the rear view mirror. That is a fact, and they are going to continue to go up, and I don’t know how they’re going to how high they’re going to go up. But I’m prepared that we’re going to see probably a 1 to 2% increase in interest rates in the next 6 to 12 months. Do I know that for a fact? No, that’s the Bruce Woodburn prediction, but I got 33 years in this business, and I’ve seen some crazy stuff happening now. I was wrong. I thought interest rates wouldn’t stay low as long as they did so I have been wrong before, but I’m pretty certain that interest rates are still going to continue to climb now, does that mean it’s too late to buy a home? The answer to that is heck no, do it right now. Why? Because interest rates are going to go higher and the price of houses are going to go higher. It’s going to happen and we’re experiencing inflation at a rate that we can’t even keep up with it. And your income is not keeping up with inflation at all. And rents are going up 20% they did last year. They’re going to do it again this year. So if you don’t want to move back in with Mom and Dad and you don’t want to move in with Grandma and Grandpa, then buy a house. The good news is, is that your appreciation is still going to go crazy. You’re gonna make a lot of money by buying real estate, so don’t delay, get in now. I have all kinds of first time Homebuyer programs. I got all kinds of programs to help you move up I got amazing jumbo interest rates. I got jumbo loans for only 3.5% down. Come on, nobody has that. And they don’t even have PMI It’s pretty crazy stuff. Call the loan arranger. I can get you fixed up numbers attached this video email.

I hope the three big things you need to know were helpful and entertaining. You have a great weekend. And don’t forget to go to my YouTube channel that Bruce Woodburn the loan arranger YouTube channel and subscribe. It’s going to help me increase my rankings on that and my views. So if you would, Bruce Woodburn the loan arranger YouTube channel subscribe. It won’t spam you on anything. It’s just going to help me in my ranks. Thanks and have a great day.

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed