Mortgage Rates Still Favorable

Mortgage rates looked slightly better today thanks to the fact that the Fed starting buying mortgage backed securities yesterday. Yesterdays bond market saw a strong rally pushing mortgage rates lower than yesterday. As with most rallies, they can be short lived. Today mortgage bonds are flat to down slightly for the day.

Rates continue to look good, now is a great time to look at refinancing before rates change. If you haven't done so already, I suggest you get your application in as soon as possible.

On a related note, several lenders have started to increase rates even though the market has moved favorably. Simply put, the slower housing market caused many lenders to cut staff and they are now under staffed to deal with the large influx.

While we did not decrease our staff, like other lenders we are struggling to return inquiries as timely as possible. I appreciate your patience and encourage you to complete an online application to aid us in quickly processing your loan.