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Trident Mortgage Update

Check out this week’s Trident Mortgage Update from Senior Mortgage Consultant Jason Griesser.

The bond market got beat up a bit this past week, but mortgage rates held on for the ride. There was volatility mainly for technical reasons that traders use change their positions so there was no one economic report and headlines news that creates some of the movement this week. It is a good reminder though how important timing is at these low levels in mortgage rates. Just because they are at a low point today may not mean that low point is available tomorrow. When rates reside at low points the market can move higher very rapidly. Mortgage rates take weeks to move lower, but they move higher within minutes and hours. Sometimes it is impossible to predict these spikes higher and folks just entering an agreement of sale can miss out if communication to the loan officer is not done swiftly. A mortgage rate can be locked the moment there is an executed agreement of sale. The length of time a rate can be locked is based on particular mortgage companies or investors, but our free rate lock period is for 60 days. There are options to lock the rate for longer periods of time, but the extended rate locks can get expensive. A good estimated is cost is about .5% of the loan amount for every additional 30 days outside the standard 60 day lock. (90 day lock = .5% of the loan amount, 120 day lock = 1% of the loan amount, etc).

Trident Mortgage Rate Sheet 9-14-2014

trident mortgage update
Jason F. Griesser, CMB
Sr. Mortgage Consultant
NMLS# 137179
Ph: 215-440-2073 | Fx: 610-650-5611
Jason.Griesser@TridentMortgage.com

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