There are a couple cool things going on right now. It looks like we’ve had a stagnant week though for the most part. With the president’s event going over to Europe and everything last week and the events that have happened so far the beginning of this week, nothing’s really changed on rates. This is the first time since I’ve been doing this the last 6 weeks that we’ve had a flat market and we’ve had no increase or decrease.
I’m still recommending to go through and lock, the minutes from the meeting from the fed that’s coming up in June, everything is saying that they are going to most likely increase the rates by 1/8 or as much as a quarter which doesn’t necessarily affect interest rates but it’s kind of the mood of what happens in the market. But you can see it’s kind of been priced into the stock market overall going forward, so we’re looking into that.
One thing I did read this last weekend that’s been pretty crazy, wages have actually been 2% less than the increase what values of houses have been. That’s not good, you need to have wages up with how the prices of houses are increasing, they just continue to keep going up and up and up so hopefully, I’ve been saying it now for about 6 months, we’re hoping wages will start gradually increasing along with the prices of houses moving forward. We will look and find out what’s going to happen with that.
I have mentioned I got a lot of feedback from people that got all the flyers and stuff in the mail the last few weeks talking about how interest rates and all those gimmicky type things. I saw another great one on Monday that someone brought in. The company was advertising an ARM and it was showing they could get 2.25 interest rate and pay almost two points in discount points and it was a three-year hybrid ARM, but they didn’t pay attention to that little piece at the bottom and of course the person selling it didn’t mention that. You just always want to, once again please please please be aware of those type of things. If it seems too good to be true it typically is never true, but always feel free to call and I will run through those things with you at any point, anytime.
Like I said earlier I am recommending people to continue to go through and lock in their rates moving forward as we get into the busier time and summer. We’re still averaging right around about 24 days to 26 days on closing VA transactions which is 2 to 3 weeks ahead of the norm out there, so it’s been going pretty good. When they increased the price of appraisers for VA Loans in Clark County to $800, a lot of appraisers now went back to accepting VA again so that sped up the process.
Please call if you have any questions about rates, and the market. Thanks!