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rates seem erratic

I am looking into purchasing my first home and worried to buy now. It's so hard to gauge the market these days. Rates seem to be dropping this week and so do stock prices. do rate and stock market have a correlation? I typically see rates following the bond prices. can i expect to see rates drop more over the holidays - thinking maybe I should wait. My credit score is 720, I was pre-approved 6 months ago for $285k. I have zero debt (recently paid off all) and my income is stated, as I am a self employed truck driver. Income for 2017 was $88,500. by nalupuphen972 from Alma, Arkansas. Oct 11th 2018 Reply

Dave Skow (daveskow)
#16 ranked lender in Washington - 318 contributions

1) no correlation between time of year and rate movements 2) mortgage rates are increasing an expected to increase 3) you might want to get your pre approval updated to make sure all looks Ok with the higher rates 4) is your loan really a stated income loan ? ( asking because there are not many of these programs around anymore ) ...for slef employed borrowers most lenders will use 2017/ 2016 average for qualifying ..once the 2018 returns are done - these can be used

Oct 11th 2018
David R Youngs - Branch Manager & Mortgage Advisor (DavidRYoungs)
#64 ranked lender in Minnesota - 87 contributions

It's true, rates have been rising for several months now and have been moving faster in more recent weeks. Experts are only expecting them to continue to rise as the year goes on, so I would advise that waiting may not work out in your favor. Keep in mind that home values are also on the rise in most areas. So even if rates stayed the same, you might still pay thousands more because of the home prices increasing.As a state licensed wholesale broker, I have access to practically every program available in the industry, including income programs for self-employed borrowers. I'm not sure where you're located, but if you are looking at buying in MN or WI, I would be happy to discuss things further if you're interested. Feel free to give me a call at 651-636-2840 Ext 12 or email me at anytime. Thanks!

Oct 12th 2018
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,719 contributions

For the typical person who has decided to buy a home, forget about trying to gauge the market. You can't. No one can. If we could, I would have retired long ago very wealthy. Just start looking for homes based on what your rate quote is today. Is the payment OK? If the payment is OK, just move forward with the knowledge it may be 0.125%, or maybe 0.25% higher or lower during the time it takes the average person to look for, and close on a home. Longer term trends are still a guess, but based on the date of this post, the best guess is rates will continue to do the two steps up, and one step back over the next year. You should pull the trigger as soon as possible. If anyone is buying in MN, WI, or SD, I can be reached at NMLS274132

Oct 17th 2018
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