Significant Rate Drop Today

Due to the drastic change today in rates, I want to let you know what is happening. We are now seeing interest rates for 30 yr mortgages in the middle 5% range, significantly dropping enough to at least run the numbers to see how this would affect your buyers purchasing power.
I would highly suggest that you send out an EMAIL to all your "fence-sitting" prospective buyers about this. The market remains very volatile. Last week alone, pricing changed on average of every 3 hours, 38 minutes, with this week no let up. If the figures work for them, we should move quickly to get something locked in before they go away. This is the most aggressive drop yet, but I cannot determine its’ longevity. I would encourage your prospective buyers to check how this rate drop would positively affect their buying power. Usually, when rates drop by a full point, we see an additional 10% of buying power. As an example, someone previously having a 6.5% rate on a $200,000 loan would have a payment of $1264.14 principle and interest. With a rate of 5.5%, their payment of $1264.14 could allow them to have a loan of $222,000. Or that same loan amount of $200,000 would know give them a payment of $1135. BIG changes!