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Fed Rate CUT--What NEXT?
The good news of the Fed Rate cut is that it really did stimulate action in the home equity and refinance world!
An investment banker friend in London emailed me on Monday night to say that she was watching the market dive ...so come Tuesday I was only slightly less dazed than some of us in Mortgage Land when the Fed announced the emergency .75% cut. Home equity lenders went wild ---the phone lines were jammed, the lock desks went offline and general pandemonium ensued.
Rates have been all over the place since...and just started to cool off by Friday afternoon. If you missed the extreme dip on Tuesday/Wednesday it was no fun watching rates rise three and four times a day with some lenders...real time locking was even more fun. What gives? It's hard to communicate to my realtor partners that since December 27 the Fannie/Freddie GUIDELINES have toughened up considerably..so if we had your borrower approved before December 27 and you were in the final preflight stage of getting docs out fo January closings...think again!! Underwriters seem to have been told to take a second look...and a hard one. Getting one to even return your call has been frustrating. But what people need to know is our ... more

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