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"The best loan officers are always watching the proper market indicators in real-time. You wouldn't work with a stockbroker quoting yesterday's closing price, and you shouldn't work with a loan officer ignorant to the mortgage bond market"-Thats a little overblown. By that same token you shouldnt have your car taken car of by a mechanic unless he is a nascar mechanic and your lawyer shouldnt be representing you unless he is the attorney general.
My eye doctor is Galileo.
The reality is that the mortgage-backed securities market is esoteric; it's foreign to most people. It's not in-your-face clear what mortgage rates will do when the FNMA 6.000% 30-year moves from $100.34 to $100.36 in a day. We tend to ignore what we don't understand -- it's human nature.
By contrast, it's not tough to figure out what happened when the 10-year treasury note drops from 4.27% to 4.23%. This is one major reason why people incorrectly use the 10-year treasury to track mortgage rates -- it's easier to follow.
But that doesn't make it right.
As a layperson, you are not expected to know why the 10-year treasury note has nothing to do with mortgage rates. It's a common misconception. Your loan officer, on the other hand, is supposed to know the difference.
The best loan officers are always watching the proper market indicators in real-time. You wouldn't work with a stockbroker quoting yesterday's closing price, and you shouldn't work with a loan officer ignorant to the mortgage bond market. After all, mortgage bonds trade just like stocks and change minute-by-minute.
In the game of home loans and high finance, those with the best information preserve the most wealth, so next time you're talking to a loan officer, just ask the simple question: "Where do mortgage rates come from?". If the answer is anything other than "mortgage-backed securities", end the relationship on the spot -- you deserve a better loan officer than that.
They should be the same....what are you being quoted? email me
HANK&BEN printed money.. bought the MBS (what controls the pricing of the 30 year mortgage) in mass.. price high.. yields/rates drop... America is so loaded in debt that low rates AND stretched amortization is needed.. So, the 30 year it is.. If the 10 & 15 year rate was 4% for example, the amortization schedule would make the payments too high for most.. the FED/TREASURY is trying to save America.. reducing the term will not accomplish it.. Reducing the rate and stretching the term may help.. We'll see.. If you are getting a worse rate for the 10 or 15 (many of them are worse) consider the 20 or 30 and just set it up electronically and make your own amortization. No harm in prepaying debt. Happy Holidays and good luck.. Howdy Nic.
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