Mortgage rates took a beating last week. Even the most aggressive lenders are now creeping towards 5.00% (for WELL-QUALIFIED borrowers). During the course of the holiday shortened work week, benchmark Treasury note yields rose persistently which lead mortgage backed security prices lower and forced lenders to offer even higher mortgage rates. I say "even higher" as a reminder of something that AQ has been writing all over Mortgage News Daily lately. Here is an excerpt from his commentary last Monday: From a loan pricing standpoint. I recall this time of year as being one of my favorite for determining rate sheet rebate. I viewed it as so… Most borrowers have already locked in and many have actually already closed. Who wants to deal with a loan closing at this time of year? My main…(read more)
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