ALERT! Mortgage Rates on The Rise Tonight

We’re up, we’re down, we’re up, we’re down. Anyone getting motion sickness yet? After last week’s decrease, mortgage rates are on their way back up again. In fact many of the country’s major lenders have already increased their fixed rates as of this morning but several of our non-bank lenders have yet to increase their rates. However, many of them issued warning this morning that their rates would rise as of midnight tonight and the rest of our lenders should follow suit later this week. But that doesn’t mean it’s too late to lock in a great rate if you are able to submit an online application to First Foundation today or over the next couple of days.

Did you know that don’t have to have a property in mind to apply for a mortgage pre-approval? The primary function of a pre-approval is to secure a rate for a certain period of time, usually 90 to 120 days, while you shop for a home, protected from the possibility of rate hikes. A pre-approval is an excellent idea for home-buyers, not just when rates are on the move, but to get a good idea of your price range, payment tolerance and to head off any possible snags you may run into when you are arranging the actual mortgage.

Lenders will not review things like your paystub and letter of employment during the pre-approval process but our lenders do examine your credit report for any potential issues with the application. Our licensed mortgage brokers obtain the credit report as part of the application process so typically, no mortgage documentation is required from you at the pre-approval application stage, ( that said, if our mortgage professionals feel it is in your best interest to review some supporting documentation during the pre-approval stage, they may ask for these documents at this point).

You can complete our simple, online mortgage application any time of day and one of our licensed mortgage brokers will try to contact you within the next business day – but keep your phone handy because we do attempt to contact you as soon as possible when rates are moving upward. In most cases, a quick conversation to clarify your needs, along with your competed application and credit report is all we need to secure one of our terrific mortgage rates for you when a quick rate hold is required due to increasing rates. Once an interest rate has been secured, we can speak with you in a more in-depth manner about your financial goals to set the right mortgage amount and payment plan that best suits your needs and future aspirations.

As soon as your pre-approval is in hand, you should set out to find your future home as soon as possible because most lenders will not extend a pre-approved mortgage rate unless interest rates have decreased since it was issued. Ask us about recommending a great Realtor if you need one – someone who has gained our trust and possess the dedication and expertise to find you the right home within the available time-frame so the benefit of your pre-approval is not lost!

With rates going up fast, what are you waiting for – complete our online mortgage application now!


As the company’s first employee, Jennifer has been a Licensed Mortgage Associate since 2004, but her current role is not focused on mortgages. She is the resident blog writer and…

Learn more about Jennifer Rochford