Mortgage Blog

I was surprised that I did write a blog for
about a week. Shame on me.

Too much stiff going on now. First, most of the
lenders are implementing the G-Fees. Some lenders
will charge 0.1% to 0.5% fees to the loans
so the loan rate will be 0.125% higher than regular
rates.

Other new, BOFA exit cash-out refis temporarily.
The reason is that they were too "busy" for the
refinance. I know. Since a lot of top loan originartors
left the company. But I do like their earnings.
Anyway, they make the money now. And besides,
motley said that BAC could be one of the biggest
winners this year. Let's check the end of this year.

Then the big news, we will have possible QE III next week.
Not sure how this will imppact the mortgage rates.
It depends on the package it will propose. Like, how
many mortgage backed security it will purchase, etc.
But one thing is sure, it will keep the interest rates
at the history level for some time.

I did predict 3.5% for 30 yr fixed. And revised to 3.625%
because of the G-fees. And the rate did go up slightly
for the last a few days. Let's check the market reaction
after next week's FOMC meeting.

Happy Chinese New Year amd enjoy the good weekend.
And yes, finally we have the rain and snow. Not only
farmers will be happy.