Consumers were shocked last week when mortgage rates failed to shake out downward after recent rises and instead showed major traction and momentum upwards.

Will the rise continue long term and how will it effect Bay Area Real Estate Prices?

Mortgage Rates Rise Higher in Biggest Two Day Jump on Record

Mortgage Loan Originators Prospective on Recent Rate Hikes

“The recent events leave me speechless. In my 10 years in the industry I have never seen a meltdown this quickly and dramatically. We cannot control the market, but we can control our emotions. Closing within 30 days should be locked up. 30-60 days should consider locking as well. Any technical or fundamental basis for floating has been diminished. Is there a saving grace? Perhaps if we continue to see liquidations in commodities & stocks (domestic & foreign) we may benefit from a quick trade, but again, the table has been st for higher rates. Soup, salad, & appetizers are served, main course on it’s way….question is how is your digestive system?” –Constantine Floropoulos, Quontic Bank

“If you are a consumer, and you are shopping rates between lenders, I’d advise you to pick the lender you are most comfortable with, move forward with them and lock your rate in. I have a customer that has been going back and forth between another lender and myself since last week, over a few hundred dollars, and his rate has now gone from 4.125%, with a $1500 credit, to 4.5% with no credit! Find someone you like and that is giving you a competitive offer, and lock it in. Who knows where things ride stops!” –Jason York, VP of VA Operations, Prime Mortgage Lending

“I picked a good week to go on a short vacation. Big Ben has not helped mortgage rates or bond markets at all. Stock market isn’t thrilled either. My advice to any consumer is lock now because rates aren’t coming back down without a total melt down in stocks and some sort of tape bomb from left field. If you were on the fence for a refinance, you can climb down and go home because whatever you were waiting for is never coming back. Purchasers would be wise to lock asap too.” –Mike Owens, Partner, Horizon Financial Inc.

Opinions from Mortgage News Daily

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