Rates Heading Back to All-Time Lows, But it Won't Last

Mortgage rates have improved noticeably in the past few business days, largely due to the delay of a new fee announced earlier this month.  Ironically, that same fee is the reason rates are about to move higher, just as many lenders are back within striking distance of all-time lows.
The fee applies to all refinances sold to the housing agencies Fannie Mae and Freddie Mac on or after December 1st.  That may seem like a long time from now, but those sales tend to take place weeks after a loan actually closes.  In fact, several lenders have already reintroduced the fee on loans locked for 60 days or more.  For other lenders, it’s only a matter of time.  Most lenders will announce their game plan for reintroducing the fee, but at least a few will just flip the switch with no advance notice.  …(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