LOCK 'EM IF YOU GOT 'EM!
Welcome to our roller coaster ride! Yesterday's update ended with a "floating" stance because bonds closed out the day at +25 points....so, of course, we thought rates would get better. Right out the gate this morning, bonds opened up at roughly -22 basis points so they woke up on the wrong side of the bed. Throughout the day, they deteriorated even more and closed out the day at -34. Although none of our lenders issued a rate increase, we do expect the increase to hit tomorrow. So if you have overnight protection..........lock 'em if you got 'em!
Why all the commotion? The Fed 'hinted' in their meeting minutes that they would cut rates again and, as history has proven, mortgage bonds react negatively. So monies pulled out of bonds and filtered into stocks. So we'll see what tomorrow brings.
As of the close the day, we are offering 30-year fixed mortgages at 6.50%.
On a warmer note.......can you smell the turkey already?!?!?/ :)
Make it a GREAT night!
Santos
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