As you all know we are on this rollercoaster called the US economy for the past few years and nothing has been as crazier than the last week. We say a major correction in the stock market yesterday and an expected uptick today. Treasuries and Mortgage Backed Securities have been riding a 7 day streak of positive movement. Rates have come down as much as .5% over the past 2 weeks. What I am surprised is how well the 3-year Treasury Auction did today and how we have seen a reversal of the down MBS market that is starting to move into positive territory.
A few examples of my recent activities:
Client was purchasing a Jumbo in TX. 30 year fixed I quoted him a rate of 5.125% last week and we locked into today at 4.875%
Another client was refinancing his FHA loan in Fl. at 4.5% last week and we locked today at 4%.
What a week it has been and it's only Tuesday.
Need help? Need advice? Need a plan for your mortgage let me know I can help.