Ryan's Mortgage Blog:
Unfortunately I have to inform you guys rates for most products have slowly crept up to the highest they have been all year. The window of the non-conforming loans being better as I stated last week has passed. The only program that hasn't really changed is the one year ARM. Having been out of town and working on special projects I have not noticed how high the average rates have been getting. We have a couple lenders that I have been working with that have been offering killer deals to us, but I looked deeper into things once I got an email from them announcing some rate hikes. I was forwarded an email from a different lender, MortgageIt and I thought I would share an excerpt of it with you to help better explain what one opinion is of the current mortgage market. Here it is, "It will be interesting to see what bonds do at their current levels. It appears that there is some resistance for the yield on the benchmark 10-year Treasury Note to surpass 5.00%. This is good news for mortgage rates as it should prevent much more of an increase in rates. If we see continued weakness in stocks, I suspect that the current yields on bonds will attract interest from investors, boosting bonds prices and lowering mortgage rates. However, if we break 5.00%, we could see rates move much higher.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers."

Stay tuned for my Short Sale blog next time!

If you have any questions or comments please email me at RBaker@PeregrineLending.com, I would love to hear from you.