Mortgage Backed Securities (MBS) prices continue to climb this afternoon. The FNMA 4.5% coupon is up 28/32 so far today, and is at the high of today's session.
We had expected rates to improve this afternoon, but that is not going to happen. Due to the flood of applications and rate locks many lenders are getting in today, they are now repricing for the worse to slow things up.
This underscores what I've been saying these last several days: You will see mortgage rates drop to historic lows, and lenders will be swamped with mortgage applications. I encourage you to apply for a mortgage somewhere - anywhere - now, and get the process started. You don't have to lock in a rate today - you can always float and lock in later. If you do, you'll be in a better position to lock in when the rates do drop again and not miss another opportunity for a great low rate.
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Lew Corcoran |
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