Rates!

Have you ever felt like you were running around like a chicken with your head cut off? Well, that's pretty much how I felt Wednesday morning when I arrived at work and saw that interest rates on a conventional 30 year loan were at 4.5%. I mean, what do you do when you know that everyone and their dog needs to know about this information and you know that there isn't enough time to tell all of those people. Well, after I calmed down I was able to lock in a couple of borrowers that had done applications with me and I called everyone I knew. Unfortunately, rates did not stay low for long, and within 2 hours rates had risen back to 5.125%. The moral of the story is...when you are thinking of doing a refinance, get your application submitted as soon as possible so that your loan officer has the opportunity to lock your rate in when rates drop significantly.