@cicerone imposter,
cicerone imposter wrote:
Those are excellent long-term mortgage rates. Thanks for sharing the info - even though we're not in the market to buy a home, but our son will be next year.
You're welcome!
Todays rates: Whew! Has been choppy and that's putting it mildy. I was able to lock down @ 5.25 % on a 30 year for a couple of our best clients today. And forward locked on a 60 day @ 5.5%. But overall we started out deteriorating in our pricing. At 11 am...another price up tick came across my desk. We ended the day with price improvement.
When your son purchases next year, give me a shout, CI and I will try and help you, help him, lock on the most ideal day. It does change a lot in this environment. Sometimes hourly.
Normally, I put most of my thoughts into the technical side of things, with a sprinkling of the fundamental side. Can't do that on the long term picture right now. Intraday seems to favor the technicians for now. And technically, while the mortgage backed securities were up very hard today, I'm uneasy about it because the UST's were up also. ( when the MBS is up.....rates are down ) Still, there is a light if you look for it. Meaning that the true basis for the spread is not as wide as it seems at first glance, if you look at the 10 year and 5 year.
In laymans terms ...... if I had a queasy tummy, I'd be locking my rate before the bank closes today. Good credit? Today that should net you 5.5 - 30 year fixed - 30 day lock - no points. Don't settle for less.
Tomorrow.....that's another story.
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