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Monday, the Chicago Tribune sourced me in a story about the recent run-up in mortgage rates titled "Mortgage rates back near year-ago level".
Some of my quotes from the article:
"I don't think consumers are aware of what's happening," said Dan Green, a loan officer for Mobium Mortgage in Chicago. "It's just starting to become front-page news. Forty-five days ago, I was quoting 5.8 percent to people, and now I'm saying 6.6 percent."It's a difference of about $156 a month on a $300,000 loan.
"I don't think consumers are aware of what's happening," said Dan Green, a loan officer for Mobium Mortgage in Chicago. "It's just starting to become front-page news. Forty-five days ago, I was quoting 5.8 percent to people, and now I'm saying 6.6 percent."
It's a difference of about $156 a month on a $300,000 loan.
And why aren't consumers aware...? Because they're not subscribers to The Mortgage Reports, of course. <chuckle>
Because of rising rates, I also had this to say:
"If you pre-qualified for a loan in March or April or May, it's time to call your loan officer and get pre-qualified again. You might find that suddenly your purchasing power has decreased."
Unfortunately, the article reports that "the rising interest rates are tied to yields on the 10-year Treasury note" and that is not completely true.
Yes, mortgage rates tend to move in the same direction as the 10-year treasury note, but rates are determined by the prices of mortgage-backed securities, not U.S. treasuries. That's okay -- a lot of reporters make that mistake.
And lastly -- as is usually the case! -- since the article about rising interest rates ran in the Trib, mortgage rates have been improving across the board. Funny how that happens.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
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