My husband and I were both watching the news when it was announced that mortgage rates were down and I ran for the phone, because this would be the time to refinance our own home to the lowest rate. A whole point can make a difference. Well...when I phoned my favorite mortgage broker he said the rates were back up. "What they just went down!" He explained to me that he could not get a rate lock in because of the demand.......and the banks had taken the rates back up!
Now this is strange...here are the Feds buying mortgage securities to get money flowing and rates down and the banks are taking them up because of too much demand!!!!
Banks need a check and balance systemduring this difficult time. Banks seem to be their own worse enemy and are not equipped to handle the demand of more business. What a mess!!!!
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