Category: Home Improvement

Rates Rising at Fastest Pace in Months

Mortgage rates are coming off a rough week– the roughest , in fact, since June 2020 by some measures. That’s the last time rates rose this quickly for market-driven reasons. There were a few instances of bigger moves in Aug/Sept as the new refinance fee was announced, delayed, and ultimately implemented. Either way, things aren’t great right now, relatively speaking. The “relative” qualification is important considering this abrupt move higher has yet to threaten to take the average top tier 30yr fixed quote above 3%–far from it, in fact. Most lenders can still offer 2.875% or better on refis and 2.625% or better on purchases. This assumes an ideal scenario with 20%+ equity, strong credit, etc. If this drama were to conclude right now, it wouldn’t be that big of a deal in the bigger picture

Rates Rising at Fastest Pace in Months

Mortgage rates are coming off a rough week– the roughest , in fact, since June 2020 by some measures. That’s the last time rates rose this quickly for market-driven reasons. There were a few instances of bigger moves in Aug/Sept as the new refinance fee was announced, delayed, and ultimately implemented. Either way, things aren’t great right now, relatively speaking. The “relative” qualification is important considering this abrupt move higher has yet to threaten to take the average top tier 30yr fixed quote above 3%–far from it, in fact. Most lenders can still offer 2.875% or better on refis and 2.625% or better on purchases. This assumes an ideal scenario with 20%+ equity, strong credit, etc. If this drama were to conclude right now, it wouldn’t be that big of a deal in the bigger picture

MBS RECAP: Things Are Getting Ugly For Bonds

Posted To: MBS Commentary

Selling Spree Continues; MBS Underperforming Earlier in the day, Treasuries looked to be selling off at a slower pace versus the past few trading sessions. After sharp spikes in yields, this is the kind of pattern we tend to see before bonds find some support and undergo a friendly correction. But just after the 9:30am NYSE open, Treasury yields hit more new long-term highs, thus re-setting our vigilant search for support. To make matters worse, MBS underperformed (i.e. they had an even worse day than Treasuries) with both UMBS 1.5 and 2.0 coupons losing nearly 3/8ths of a point by the close. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Market Movement Recap 08:34 AM Treasuries were slightly stronger during the first part of the overnight session. After…(read more)

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Mortgage Rates Find Some Support After an Ugly Start

Posted To: Mortgage Rate Watch

Mortgage rates were off to a very bad start this morning, but recovered a portion of what they lost by the end of the day. The specifics depend greatly on the lender in question. Sadly, few if any lenders are still able to offer the rates seen yesterday. To make matters worse, yesterday’s rates were already significantly higher than those seen just one week prior. But how about a big silver lining? One week prior to yesterday, the average lender was offering all-time low mortgage rates. So being “significantly higher” than that still hasn’t been enough to move the average top tier conventional 30yr fixed quote up to 3%. Before covid, 3.125% was the lowest ever 30yr fixed rate! If you’re in the purchase market, 2.75% is still common (2.875% for refis). Lenders continue to be widely stratified…(read more)

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Overcoming Loan Rejections

You were all set to buy that new car or house. You may have even picked out the cherry-red convertible or the Cape Cod with the spacious yard — until your bank stopped you in your tracks.

Your loan has been denied, and now you’re not sure what to do.

It’s a pretty common scenario, and unfortunately, there isn’t always a quick solution.