Posted To: Mortgage Rate Watch
Mortgage rates didn’t have a chance today. Borrowing costs started moving higher early in the session and never looked back. As the day progressed, agency MBS prices fell further and lenders were forced to reprice for the worse. Par 30-year fixed 4.25% quotes are still on the board, but closing costs are at least 15bps higher (+0.15% of loan amount). That’s really a best case scenario though. If you’re a passenger on the float boat, your closing costs probably increased by about 0.25% today. 4.375% is almost the new par. But 4.25% is definitely still do-able for very well-qualified borrowers (no loan level price adjustments). Now 4.125%, that might be tough. That quote is costing perfect borrowers about 2pts. The culprit of this event? Well. We can’t factor out a religious holiday: Rosh Hashanah…(read more)
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Original post by Adam Quinones
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