Last week’s big news was the rapid jump in rates.  In fact, it was right in line with the worst week in decades in terms of the total increase in the average 30yr fixed rate.  On that note, June 17-21, 2013 saw rates rise 0.52% compared to last week’s 0.49%.  Because rates are quoted in…

*Copy of 2020/21 Fed Taxes, all pages. W’2s YTD. * P and L if Self Employed, *Copy of your current Driver’s License * 2 most recent Year to Date Pay Stubs * Last 12 Statements for ALL personal and Business Bank accounts (all Pages please) * RE: Bank Statement Loans – we do a Analysis on tax…

If you received a mortgage rate quote any time in the past few days or weeks, unless it was at the end of the business day on Monday, March 14th, you’re looking at a relic of a bygone era.  Print it out and hang it up in the halls of Woulda, Shoulda, Coulda.  This is actually good…

It’s Thursday and thus time once again for Freddie Mac’s weekly mortgage rate survey.  An industry standard report dating back to the 70s, Freddie’s survey rate is standby for multiple news organizations to print their once-a-week mortgage rate color.  The net effect is the appearance of a deafening consensus in financial media regarding the going 30yr fixed rate. The problem is…

Mortgage rates are based on bonds and bonds are having a tough time in the past few days.  Bonds such as US Treasuries often benefit from terrible things that happen around the world–anything that calls economic growth into question or that increases geopolitical risk in a significant way. The situation in Ukraine definitely ticks both those boxes, and that’s…

The first 2 days of the week marked the best 48-hour stint for mortgage rates since March 2020, and one of the best on record.  Such victories require a rarely seen combination of factors, but at least one ingredient is the nearby presence of equally big moves in the other direction.  Yesterday filled that role with rates…

Complete Reversal as Mortgage Rates Erase Yesterday’s Gains On a normal week, we can follow day to day movement in rates and point out how far behind the times the week-to-week changes are.  This time around, the week-to-week changes may have the upper hand due to the extreme 2-WAY volatility seen in the day-to-day movement.  Specifically, rates…

Financial markets were intently focused on Russia’s invasion of Ukraine Thursday.  Such things tend to push interest rates lower and today was no exception, but the details matter. There are all sorts of interest rates, and there’s a lot that happens in the bond market before mortgage lenders translate bond prices/yields into lockable mortgage rates.  Moreover, there are many hours…

Fannie Mae’s economists have again stepped up their expectations for the Fed’s response to escalating inflation. A 7.5 percent annual increase in the January Consumer Price Index (CPI), a 40-year high, prompted Fannie’s Economic & Strategic Research (ESR) Group to raise its forecast for a March increase in the Fed funds rate from 25 basis…

There have been a few hours of a few days over the past week where mortgage rates have been just a bit higher than they were yesterday afternoon.  But for all practical purposes, rates continue operating in line with the highest levels since May 2019.  Despite a multitude of news stories suggesting 30yr fixed rates somewhere in the medium-high…