Mortgage Blog

I did not update the rate today, just because it went too high. And another reason is that the rate is just a normal rate.

I quoted one rate for my client yesterday for the purchase 7/1 ARM, and it was 0.25% higher. And I do not want to scare anyone about it. But I will update the rate Thursday.

The rate changes were mainly because the bond traders "adjusted" their positions. It's not from the fundamental of the economy of Greek, Europe and USA. We all know it is oversold, and it will be pulled back. And every time when it went up, we will need patiently waiting for lower rates.

The advice from the seasoned traders is: if you want to purchase, then lock the rate anytime. For the refinance, we still have the chance to get the lower rates. But we will not lower lows any more. 5/1 417k loan rate 2.625% might be gone for sometime. Jumbo ARM rate might be ok.