Mortgage Rates Pummeled By Regulatory Drama

At face value, the bonds that underlie the mortgage market didn’t sustain too much damage today.  If there was nothing else to inspire lender rate changes, we might not be too much worse vs yesterday.  Unfortunately, there is an absolutely massive source of motivation that unexpectedly burst on the scene last night.  If you’re not already up to speed on it, READ THIS.
As far as today is concerned, rates got torched.  This is no surprise.  Regulators just instantly doubled to fees they charge to provide guarantees for the mortgage market.  Lenders will be forced to pay those fees on all loans that are already locked.  Consumers will foot the bill for everything else.  …(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