I stuck my head into the office of Columbia Mortgage’s Shawn Headlee this afternoon. Mainly thinking of myself and that maybe a refinance might be worth investigating. It would be if we were not in a jumbo mortgage situation. He says that rates on jumbo mortgages (over $417,000) haven’t shifted much so no dice for me.
On the other hand, one of our clients that he is working on the loan for got a lower rate than previously locked for free! Things have changed drastically in the mortgage market in the last few days. The refi market may suddenly reappear. Too little too late? Won’t matter, market is toast? Just what the doctor ordered?
Last night KOIN ran a story featuring Rob Levy who is in Prudential Northwest Properties’ West Portland office as well. I think Rob paints an accurate portrayal of our market.