Hot news from AZ Home Help:
Posted To: Pipeline Press
Traders report that there has been " little resistance to higher rates ." What does that mean? Mortgage banker origination has been heavy (hitting over $3 billion yesterday. So locks appear to be decent - but we all know that is illusory. Lock desks have seen it for many years: rates shoot up, borrowers and LOs are pushed into panic locking , shaking the low-hanging fruit off the trees, and then rates stabilize or even slide back down and locks dry up. Not only that, but in many cases the new locks are from loans that are either not ready to lock or are for loans that are even tougher to close, resulting in slightly lower pull through or renegotiations/extensions in the future. Speaking of locks, the MBA reported that its survey of 75% of retail originations showed that the total number of...(
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Source:
http://www.mortgagenewsdaily.com/channels/pipelinepress/05292013-interest-rates-bond-markets.aspx - For more real estate news visit our website at http://www.AzHomeHelp.com
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