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Well, there’s a lot to talk about, but I’m going to save most of it for my Mortgage Market Week in Review newsletter (send an e-mail here if you’d like to sign up for it – it’s free), and I’ll just hit a few highlights here:

  • The markets initial face value reaction to the bank stress test was that it wasn’t “SO” bad.   So the stock market is rallying on that.
  • The jobs report was bad but not as bad as expected.
  • Oil prices are going up.
  • As I discussed here, the spread between Treasuries and Mortgage rates is tightening. 

When you combine all of those factors, we lost .125% on rates today.

We’re at 5.0% on a 30 year fixed refi with 0 pts.
and 4.75% on a 30 year fixed purchase with 0 pts.  (both assume a credit score of 740 or higher).

Recommendation – I don’t want to sound like a broken record, but this is a market to look at reducing risk and lowering financial challenges.   There’s a much greater risk of rates jumping up than there is rates dropping further, so I recommend locking all loans.

Have a good day and a good weekend!

Tom Vanderwell

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