Mortgage Rates Inch Up To Another Long-Term High Ahead of The Fed

Mortgage rates rose moderately today, depending on the lender.  It’s worth noting that lender pricing is exceptionally widely stratified at the moment.  In other words, some lenders made big moves today while others did not.  Disparity between lenders is nothing new, but the point is that it’s been elevated and persistently volatile.  This began after the pandemic hit financial markets a year ago this month, but it has ramped up in the past week or so as lenders contend with new restrictions handed down from regulators (via Fannie and Freddie, collectively “the agencies”).
Those restrictions limit the amount of certain types of loans that can receive the agencies’ stamp of approval.  Lenders who were over the limit had to raise rates on those loans abruptly in order to bring their ratios back down.  Other lenders raised rates preemptively to avoid inundation. …(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