Saturday , 23 January 2021

No Major Reaction to Fed, But Another Nice Drop in Mortgage Rates

Any discussion of “all-time low” mortgage rates requires careful attention to specifics. Are we talking about weekly survey numbers or actual daily numbers? Intraday vs end of day? Best-case rates or averages? Purchases or refis? Depending on the specifics, it is true that some lenders are offering all-time lows on purchase mortgages. Refis are another story due to the new adverse market fee that is now being added to nearly all conventional refinance transactions. Sidenote for those confused about extension of the refi fee deadline to “Dec 1.” This doesn’t mean you can avoid the fee if you lock/apply before December 1st. The event that must occur by Dec 1st is the DELIVERY of the loan–a milestone in the lifecycle of a loan that occurs 2-4 weeks AFTER it closes. In other words, no loan that

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