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Mortgage rates were fairly flat heading into today’s important Fed announcement.  Despite arguably receiving bad news, they didn’t move too much higher by the end of the day. What was the bad news? In short, the Fed is doubling the pace of “tapering.”  That means it will be reducing the amount of bonds it has been buying twice…

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Mortgage rates have been fairly flat in the bigger picture, but each passing day continues to bring small scale movements.  This is almost always the case, even if rate quotes don’t seem to be changing.  One key reason for this is the difference between “note rate” and “effective rate.”  The former is the rate that actually…

Financial market volatility increased noticeably after the emergence of the omicron variant. Last week, that proved to be good for rates and bad for stocks. This week was a different story. While the collective view of omicron remains cautious, several high-profile comments pushed back against the defensive reaction seen in the previous week.  Stocks eagerly…

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Residential Loan Documentation Checklist   1) Copy of 2019/20 Fed Taxes, all pages; Copy of Form 1040/Schedule C.   2) 2 most recent Year to Date Pay Stubs  3)Last 2 Statements for ALL checking/savings/investment/retirement accounts   4) Bank Statement Loans – supply 12-24 Month Statements, all accts, for Analysis  5) Employment information – Salaried and/or Self Employed – confirm  6) Current address/phone/mortgage statement(s) we would pay off if REFI  7) Mortgage statements/addresses for any other properties owned …

Just when it looked like the current week would fizzle out on a negative note for rates, our least favorite market mover is back in the news. B.1.1.529 (designated now as “Omicron”), a new covid variant hit the market like a ton of bricks on Friday morning.  48 hours earlier, Google had never heard of…

Mortgage rates began the new week on a bad note with the average lender full erasing the improvement seen on Friday.  This leaves many lenders at their highest levels since April, but in those cases, it should be noted that today’s rates are extremely close to those seen in late October.  In other words, we’re essentially back…

Mortgage rates continued higher again today, despite a fairly flat performance in the bond market.  Specifically, the mortgage-backed securities (MBS) that directly influence mortgage rates were almost perfectly flat on the day.  Normally, this would suggest very little change to the average lender’s rates.  Unfortunately, the average lender still had to get caught up with yesterday’s market losses. …