January 30th, 2012 11:12 AM by Eric Fang
When the 15 yr fixed rates hit 3% since last Wednesday,there are lots of request for 15 yr fixed, conforming orhigh balance. On one day Thursday, I had 5 borrowersinterested in 15 yr fixed with loan amount around 500kand 600k.
And someone started to switch from ARM to 15 yr fixed as well, especially those with 7/1ARM.
I do have borrowers asked when we can get 15yr fixed 2.75%to 2.875% yet. My answer is: the market is not ready.There is no such trading coupon for corresponding bonds.
I will let you know once we have it.