The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Les H who wrote (12506)	8/17/2003 10:11:29 AM
From: Les H	Read Replies (1) of 306849

Judging from comments from a handful of mortgage-market pros, Capitol was hurt when interest rates skyrocketed right after Capitol guaranteed lower rates to borrowers. ``With the high volume of loans today and the rise in interest rates, it is possible a lender cannot fund all the loans it has committed to at the rates they have committed,'' said Dale Miller, president of the Washington State Mortgage Association. Miller, who operates Paramount Mortgage in Bellevue, said the lag between when a consumer gets a rate guarantee and when it actually is funded usually takes about six weeks. Six weeks or so ago, mortgage rates were at a multiple-decade low of 4.75 percent. Today, the rate is 6.25. That's a 32 percent leap in rates in a short time period. The situation is painful for consumers. A 1.5 percent difference in a mortgage can mean many tens of thousands of dollars to be paid over the 30-year life of the mortgage. But there are other costs, too. kingcountyjournal.com

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