Mortgage Market Update: 10/28
Volatility!
There's really no other word that I can use to describe last week's rates.Give me about a minute to back track and give you an idea of the volatility in rate, in the mortgage markets.
I'll start with the rate from Monday of last week and work my way up.
All rates are based on a 30 Yr Conforming Mortgage at par, with a 60 day lock.
I will update via comments if we have any rate adjustments today.
Monday:
Rate at open: 6.75%Tuesday:
Rate Adjustment: 6.625%
Rate Adjustment: 6.50%
Rate at open: 6.25%Wednesday:
Rate at open: 6.125%
Thursday:
Rate at open: 6.125%
Rate Adjustment: 6.25%
Friday:
Rate at open: 6.25%
Rate Adjustment: 6.375%
Rate Adjustment: 6.625%
Monday:
Rate at open: 6.625%
Rate Adjustment: 6.75%
Today:
Rate at open: 6.875%
As you can see, it is an extremely volatile environment; Rates can sometimes change 4 times a day! If you are working with a loan officer or broker, I would make sure you get confirmation of the lock as soon as you tell them to lock you in.
Other than that it has been pretty quiet here. Business is very slow and I am trying to make it through this.
God it seems like I am saying this almost every week now...
Posted by k91
Tue Oct 28th, 2008 02:49 PM
MM,
Great post. Interesting to see the scary fluctuations. Also, not sure if you have ever gone to mortgage news daily, but they have an MBS blog that tracks MBS pricing. Funny to see that your rate sheets from last week followed almost lockstep with his posts on MBS pricing. I'm beginning to see the value in tracking his posts as a door to where rates are headed in any given week
Posted by DG
Tue Nov 4th, 2008 07:57 AM
Are fixed rate jumbo loans available in NYC now? What about in the $1m+ range? What are the interest rates and downpayment/income coverage requirements?