Mortgage Rates Report: January 24, 2007: Party's Almost Over

Mortgage rates are reversing course and headed higher in the next 7-10 days. Lock mortgage rates for all loans, purchases and refinances at application. Don't hold out to see if the Fed will cut rates farther; the mortgage lenders have already anticipated a January 30 Fed cut and priced it into the market. If the Fed doesn't cut rates, mortgage rates are going to skyrocket.

If you were planning on refinancing your mortgage rate, the train is starting to leave the station and will quickly pick up steam. The opportunity to get a 30 year fixed rate mortgage rate under 5.5% may quickly disappear as lenders try to slow down demand. The last three days have been hectic with past clients calling me looking to lock-in a low rate. You have a window of maybe 48 hours to get that great mortgage rate.

Please contact me:

Call me on my cell phone at 858-699-4590

E-mail me at brian (at) californialoanconnection (dot) com

Apply for a loan online at http://www.californialoanconnection.com/apply

Over 700 families trust me to help them with their mortgage so we are incredibly backed up. I will be checking my voice mail every couple of hours Be sure to leave specific contact information.

DO NOT RELY ON THE E-MAIL! CALL TO BE SURE THAT I KNOW YOU NEED TO REFINANCE YOUR MORTGAGE.