Although the prices of Mortgage Backed Securities (MBSs) have remained relatively stable today (currently up 3/32 from yesterday's close), some lenders are repricing for the worse this afternoon. This is most likely due to the high volume of loans applications they're receiving.
You will see mortgage rates drop to historic lows, and lenders are going to 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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