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How is the rate dropping today?
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my question is ...what made the rates drop???
I was going to say 'ever so slightly'...
I anyone really knew the answer or exact formula to it, no market would be needed at all. This is the same reasoning as to why would GM stock rise or fall?... or AIG or Citibank..? It really just happens and when there is secretive purchasing of MBS, rates will ease down. For me, I will not touch GM with a 10 foot pole, but others will buy it.. hence the market and time will tell who is right/wrong. Strictly from a risk standpoint and performance of the loans under the MBS, rates should have a 1 as the first number (meaning double-digits), but they are simply being artificially kep alive to help in any way they can. It is like a horse race... The fastest horse (Secretariat for example) may not be the odds favorite if betters put all their money on "Gluey Lewie" The Elmer's Glue Mascot or KNOX Gelatin posterhorse. So, if Hedge funds, HANK, BEN and Sheila decide to "buy" lower rate MBS coupons in bulk... we head lower.. However, we have made it much tougher to borrow and here in FL.... values and home re-sales are slipping faster than the rates resemble an elephant on ice skates at MSG. Keep rockin'.
You locked and re-locked, now rates are how much lower than the last lock?
yes rates dropped 0.5 after i re-locked (float down)
Some lenders were smoking crack this morning so their improvements were due to their screwed up initial quotes. Did you relock this morning on a flaot down?
flaot = float
Clay, take another look. They must of got a good dose of oxygen. Repricing WORSE going on right now.
Yuppers, rates are going up, be glad you locked Just Lou!
Mortgage News Daily Quote:
BUT BE WARNED! Rates have gotten so good so fast that certain lenders can be repricing for the worse just to limit their volume of new inbound deals either due to manpower or funding line considerations. So don't be mystified if you see reprices for the worse. In that case, if you're a broker, it's time to start shopping around as someone else will have the ability to price closer to MBS. If you are otherwise committed to one lender, be warned, this sort of paradoxical reprice can happen without warning, and unfortunately, there's not a way we can advise which lenders will participate in these disconcerting reprices.
They are legit Lou, but there are variables, don't forget that. A 620 fico is not going to get that rate.
take it easy gcochems.
I have not received any worsens this afternoon, but I have received many improvements with the last at 3:35 from ST. What lenders are you seeing worsens?
Mike, you are way to funny!!! Holy Cow!
Lou, I would tell you that as a mortgage broker who submits rates to ZILLOW, these prices are legit. From what I am hearing, institutions are looking for conservative investments for the dollars, so the FNMA bonds (believe it or not) do provide that. So when the FNMA bond yield increases, the residential mortgage interest rate decreases. There really is no other major news moving the bond markets.
Fabio, you submit rates to Zillow? Huh?
Welcome CKNorth, but just a heads up, quotes like this are not going to fly. You quoted this in California.
GVD, I think she can quote there and Colorado for that matter.
Cristie, dont mean to pry but were you a north that married a north?
just lou, those rates are in real time if you are looking at a specific quote from a Zillow lender
I was not questioning her right to quote Tammy, I was questioning how she plans on doing the quote in California at 5% without going FHA.
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