Articles from September 2015



Mortgage Rates Back Near Recent Lows as Stocks Slide

Mortgage rates moved noticeably lower today, getting the average lender back in line with some of last week’s best levels. For most, that means conventional 30yr fixed rates of 3.875% when it comes to top tier scenarios, but some lenders remain at 4.0%. Many borrowers will still be seeing the same rates compared to Friday, […]

Mortgage Rates Moving Back Into Previous Range

Mortgage rates rose moderately today as investors moved back into riskier assets this morning. Stock markets made solid gains in premarket trading and global interest rates moved higher (the two are frequently correlated). In fact, stock prices and bond yields (aka “rates”) have been moving together more than normal recently–a sign that investors are uncertain […]

Mortgage Rates Start Strong but Fade in Afternoon

Mortgage rates ended the day roughly in line with yesterday’s latest levels on average. Rates were lower earlier this morning as bond markets got off to a strong start and stayed strong through the time of morning that most lenders release their first rate sheets. Generally, most lenders were close to their best levels in […]

Hudson City Savings Bank to pay $27 million to increase access to credit in Black and Hispanic neighborhoods it discriminated against

When you shop for a mortgage, you should not have to worry about discrimination. The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating against applicants on the basis of race or ethnicity. Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) have filed a complaint alleging that Hudson City Savings […]

Mortgage Rates Hold Ground as Oil Prices Slide

Mortgage rates held their ground fairly well today, despite moderate weakness in underlying bond markets (which normally translates to higher rates). Many lenders were right in line with yesterday’s latest offerings while some were just slightly higher. That said, any day-over-day change in rates would be seen in the form of closing costs as opposed […]

Mortgage Rates Move Higher, Ending 2-Day Winning Streak

Mortgage rates couldn’t maintain last week’s impressive move lower following the Fed Announcement. At the time, rates were moving lower for ECONOMIC reasons. At the risk of oversimplifying, the Fed essentially conveyed a gloomy longer term outlook on the economy and this tends to put downward pressure on rates. The economic outlook is only one […]

Mortgage Rates Back Into High 3’s

Mortgage rates got back on track today after giving up a fair amount of last week’s gains yesterday. Most lenders are very close to Friday afternoon’s levels, which were among the best in over 4 months. Support came from a flight to safety in global financial markets. This generally entails stock market weakness and bond […]

Mortgage Rates Near 4-Month Lows

Mortgage rates continued a strong move lower today as momentum continued following yesterday’s Fed Announcement. While the Fed doesn’t dictate mortgage rates, this particular announcement sent shockwaves through all corners of financial markets. It wasn’t so much that the Fed avoided raising rates as it was the implicit commentary on the fragile state of the […]

Wells Fargo reinstates credit overlays on FHA loans fearing lawsuits

The nation's largest mortgage lender is reinstating tougher credit overlays on Federal Housing Administration (FHA) loans out of concerns that it will …… Google Alert – FHA Loans

Mortgage Rates Face Big Potential Volatility Tomorrow

Mortgage rates almost made it through the past two months without any major move higher (except those moves that were correcting the major moves lower following the China-inspired volatility in late August). They ruined their winning/stable streak yesterday as broader bond markets grew increasingly anxious over tomorrow’s Fed decision. Apparently, bond markets only needed a […]