There’ve been a lot of recent changes in the world of mortgage home financing. For one, the worsening COVID-19 pandemic is affecting investor confidence – involving global bonds – which, in turn, can change rates.
Rates slide (in either direction) following significant shifts in news headlines; generally, good news can worsen rates, while bad news can drive them lower. That’s how we got to recent, all-time lows to begin with. They’re a bit higher than that now, but still near historic lows, and worth checking. Get a quote with Prospect anytime, if you’d like!
How do recent COVID statistics play in?
If you’ve read the news, new COVID cases per day have hit the highest U.S. totals since the pandemic started – blowing last year’s numbers out of the water. Overall? Very bad news, despite some vaccine progress, and investors will likely take note. There’s no guarantee of this pandemic ending in the next couple months…
You’d do well to check rates daily, keep your eye on global headlines, and be ready to move if / when your quote looks compelling. When rates hit the right level for you, applying for a loan quickly can make all the difference. This lets lenders (like Prospect Home Finance) know that you’re serious about moving forward, while low rates last.
Lenders have limited time to originate loans (only so many Loan Officers, Processors, etc.) so we often pursue borrowers with the strongest profiles, to get started ASAP. Simple things like uploading W2s, IDs, etc. via online applications will make your profile stand out. That’s the typical loan process, and holds true for us as well.
If you have any questions about this, or would just like to discuss the market, give us a call! Reach our office at 858-605-0952. Our dedicated Loan Officers will be happy to assist you.
Thanks, and be well!
Prospect Financial Group
948 Garnet Avenue
San Diego, CA 92109
NMLS: 349089 | BRE: 01837707