The Fed has spoken and while they have chosen to leave the benchmark alone, mortgage backed securities are reacting negatively. The benchmark FNMA 30 Yr. 5.5% note is currently down 15 basis points. This is down 12 for the day since most lenders came out with rates. While this normally isn't enough for lenders to reprice, it bears watching.
(Since writing this one of my lenders has already given a re-price for the worse.)
We've seen rates fairly steady for the last week and it will be interesting to see just what this news brings to long term rates..
Larry Morris is a Certified Mortgage Planning Specialist with American Nationwide Mortgage Company in Newberg, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, Sect 184 Native American loans, Hobby Farm loans and conforming purchase and refinances in the states of Oregon and Washington.
He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.
www.PDX-Mortgage.com
OR License ML-3259
WA License WA-510-LO-51175
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APR rates are subject to change based on lender's normal credit guidelines and market conditions.
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