Rates have worsened considerably over the last three weeks. The best execution for 30-yr. mortgages clearly point to 3.5s, which
means that rates have definitely moved to 3.75%-4.00%, or even higher depending
on loan level price adjustments, and those setting prices are having to deal
with companies sacrificing margin on the behalf of keeping loans coming in the
door. And those with loans scheduled to fund this week are making sure they
do - no one wants to try to extend when their rate lock is three points worse
than the current market. The good news, although it is a little hard to
focus on right now, is that rates have moved higher in reaction to the continued
good economic news coming from various sources, not the least of which is
housing and jobs - and no inflation. That may change, but if more borrowers
qualify, or fewer homes are underwater, that is not a bad thing.
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