Rates have edged up from their lows of the year. We are still below 4.00% but based on economic data it is hard to say how long this will last. Unemployment figures for the month of April came out today and the unemployment rate dipped to 5.4%!! Good news for the economy but this will undoubtedly continue to put pressure on mortgage interest rates to go up! I continue to play it conservatively and encourage clients to lock in, if rates dip they can always take advantage of Guaranteed Rate’s float down option.
As the market continues to be competitive, we are finding appraisers at their maximum as far as volume. The days of waiting for an inspection resolution to order an appraisal are long over. Good agents and lenders let their clients know this upfront. Average appraisal turn times are 2 – 3 weeks with a rush request!!