Interest rates goes up in Albuquerque. Reports from Mortgage Banker’s Association conference

Interest rates goes up in Albuquerque. Reports from Mortgage Banker’s Association conference

(Transcript Snippet): “Tego:

Um, a couple headlines of the week, um, interest rates, interest rates have gone up, if you hadn’t heard. Um, you know, it’s, it’s interesting cause uh, mortgage applications, uh, are still pretty strong for, for purchases, but mortgage applications for refinances nationally have just dropped off a cliff because, you know, we went from, you know, if you look at the, the 52 day moving average of mortgage rates, they were at to as low as 2 75 and as high as 2.45. And right now we’re at basically, excuse me, 2 75 to 3.45. And we’re at three and a quarter right now, which is about a quarter point higher than just about three weeks ago. So it, you know, it it’s, it does appear. And everybody seems to be thinking that interest rates are going to keep going up, um,

Tracy:

Small, but I mean, we’re talking historical low stills, so it’s just hard. I know we talked about 3.25 ago. Yeah. When I got in real estate, we were lucky to get under 7.5 and sometimes big when we got seven. So, you know yeah. It’s, it’s good to know because it does make a difference in monthly payment, but it’s still a great time to take advantage of other people’s money.

Tego:

Yeah, yeah, no, it’s still very, very historically very cheap money, you know, for, for,

Tracy:

I call it OPM other people’s money OPM

Tego:

And um, you know, the other, the other thing I saw this week, the mortgage bankers association had their conference this week and a lot of, uh, projections from them. Um, one of them is that the, you know, the financing, the, excuse me, the refinancing business is going to slow down substantially because of, um, you know, most, most people have locked in their, their refi rate already. And, uh, but, but they suspect purchases to remain strong through the next three years. So we’ll see how that plays out. But you know, right now we’re, we’re still seeing a very steady, steady market here in Albuquerque.