Mortgage High: Albuquerque’s Real Estate Mortgage Rates took the jump!

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Tego: So, so Tracy I know you, you’ve got some homes with the weeks. We’ve got some open houses. We’re gonna get to those in a second. Just a couple more stories that really jumped out at me this week. And if anybody’s out there shopping for a mortgage, right, right. Now they know this is Morgan rates really took a jump this week. They did.

Tracy:

Yeah. And so if you’re thinking about locking in a rate, you know, if you already have a house under contract, you’ll wanna be really closely tied in with your lender to find out what the future holds for next

Tego:

Week. We’re not gonna make a call on that. That’s, that’s, that’s, that’s the lender that holds thing is like, that’s between you and your doctor. And it’s like, no, that’s between you and your lender. And you guys, you know look at the pros and cons and there, there’s always a lot of news about the bond market and how it affects mortgage rates. Totally. And, and those guys follow that stuff really, really closely.

Tracy:

So it’s one of the reasons when we’re talking about lenders, we suggest to our whole and buyers to use a local lender that knows you that, or that’s gonna be there can pick up the phone and talk to ’em a lot of times when you get online and you use an app, it’s just whoever picks up the phone at that like call center, so to speak. And a lot of times when you call there, if a question they have to pull up your file and see what the previous conversation was and, and give you advice. Well, we’re talking the benefits of a local lender. They are gonna look and say, you know, I don’t think you should lock your rate today because the fed says, blah, blah, blah. And we’re expecting this to be released later this week. And I think it might go down a little bit. Let’s wait to lock or wait, they’ll call you even. And the local lenders, I know they’ll call and say, Hey, rates just dropped. You should

Tego:

Lock today. I’ve had that happen. In fact, on our last refinance on our, our primary residents yeah, one of the local lenders called me and said, you know, I know you’re talking about refinancing, but today, maybe the day

Tracy:

In the to locker rate and decide to do

Tego:

It. Yeah. And that, that was good. The other story in the a mortgage world was FHFA, which if most people don’t know what that is, but it’s they, they oversee both Fanny and Freddie Mac, which, which basically buy most of the mortgages,

Tracy:

Federal housing, finance

Tego:

Authority, correct? Correct. And, or agency. And they’re the ones that, that put out the guidelines on mortgages. Right. And one things they’ve come out with this week is they’re really I say, cracking down or putting the screws on second homes. They’re really gonna well, two things, one high expense properties. They’re gonna make it more expensive for them to underwrite those mortgages. So jumble loans and then the other piece is on second homes. People who buying second homes are gonna make it more expensive to, to get a mortgage for those type of properties. And, and I see what they’re doing. I know it’s some of it’s politics, some of it’s, you know just saying, why, why are we this agency that’s put in place to help first time home buyers and low income home buyers, you know, subsidizing rich people. Right. And I know a lot of people out there probably cringing when I say that, but I’m just saying, that’s they, what they’re doing. That’s what they’re looking at. And, and that’s some people think it’s great. Some people think it doesn’t make any sense, but it’s, but it’s happening. Yep.

Tracy:

And it could change again, who knows?