Wow... Lots of ups and downs over the last week or two... and unfortunately, most were 'ups'. Rates have gone up about .375% from two weeks ago! Why? Well one reason is the bond yields- I know more people keep talking about Mortgage Backed Securities- I get it... But you can't argue with the fact that the bond yield on the 10 year note has gone from about 3.75 to up over 4.05 today! That's huge! Hopefully rates will back off a bit tomorrow, I did hear that the end of the day forecast for the MBS was better than the morning...
I wish that lenders would let the news of the day play out- instead, what we have is a constant shuffling, and ruffling of the rates throughout the day. We have had days where there were 3 price changes! It's enough to make anyone's head spin. Put a moratorium on knee-jerk rate reprices! Like that will ever happen :)
I just hope rates stay under 6.5% or so... Obviously, we'd all love to have rates in the low 5's again, but with cheap money, came very expensive houses and bad decisions... we don't really need that again...
So, let's hope for steady rates, and an end to this up and down roller coaster of constant repricing.
:)
Comments(3)