What a lot of you don’t realize is the number of people that are completely oblivious to the current prices.
Some people that have foreclosures in their neighborhood have no clue how much the house is priced at, and don’t care.
There are Joe-6-packs that go to work and make their payment,at least for now, oblivious to what the “value” of their house is.
30 YR fixed, Full Am loans ended the week at 5.25% with a cost; and 5.75% for a no cost loan. Many people just don’t qualify though.
Another strange thing today was that several lenders had a mid day price increase, but my best lender had a pricing drop.
Even though the FED cut rates 1.25% in the last 11 days, 30 YR fixed rates are about the same as they were 2 weeks ago.
You have no idea of the limited financial knowledge of many “homeowners” who are nothing more than slaves to their mortgage.
