Mortgage Rates Are Amazing and Terrible

Depending on what you’re looking at, when you look, and where you look, mortgage rates could either be amazing or terrible.  Large, upstanding, secure, solvent, excellent lenders are as much as a full percentage point apart from one another on the same loan quote.  That essentially NEVER happens in the mortgage market–not with all of those qualifiers anyway. 
This is a symptom of the “mess” that coronavirus has made of the financial market.  For those that want to pretend there’s some unique mortgage-specific issue that makes things more difficult for the mortgage market versus other sectors, look around you.  To whatever extent it’s been “inconvenient” for the average 401k to lose more than 20% of its value in 3-4 weeks, the mortgage market has faced “inconveniences” on a similar scale.  Compared to airlines, oil, retail, food service, and a laundry list of other sectors hit hard by COVID, the mortgage industry merely gets a participation trophy in this race to terrible….(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed