Since November of 2008 mortgage rates have been on a series of ups and downs and many times frustrate those considering a refinance. I've experienced those frustrations more than once with customers fixed on a specific rate. When rates have fallen in the past 6 months to 4.375% or 4.5% many times it's only been for 2-3 hours. My ability to get in touch with my customers may determine if they'll lock into a historic rate!
Our current rate environment has been extremely volatile as it has also challenged historic lows. During the last week of April 2009, rates were within .125% of the lowest recorded 30 year fixed rate.
As many consumers consider a refinance, they find that the ability to react quickly is necessary to capture historic lows. As I encourage customers to shop mortgage service providers, I also suggest that you provide the necessary qualifying information so that when rates fall you are ready to lock. To assure instant rate messaging I suggest Twitter.com. Yes, many Americans today have fallen into the fad of setting up a Twitter account to inform friends of their daily activity but I consider it a great tool to keep you informed on rates.
As I considered Twitter as a mortgage professional the main benefit that I appreciated was my ability to notify customers of immediate, up to date, rate improvements. If you'd like to discuss how this easy service can benefit you as you consider a new refinance or purchase contact me at 612-282-5863, or sign up at Rate Watch on my home page.
Watching Rates? Don’t forget to subscribe to my feed. My link TwitterHomeRates is posted in (almost) real time, you can grab the feed directly and have updates piped to your phone, RSS reader, IM, or Twitter account.
