Interday Mortgage Rate Pricing for the Worse
July 11th, 2008 Categories: Conforming Wholesale Mortgage Rates, General
Tipped off by my friend Dan Green (via Twitter @lifeinqueencity) about 30 mins ago, there was an inter day pricing for the worse in the mortgage market today:
The bottom fell out of the mortgage market in the past 2 hours. Rates spiked — just in time for all of the weekend house hunters.
This morning I threw a post up showing today’s wholesale direct mortgage rates…below is the screen shot from that post showing where 30 Yr Fixed rates and pricing were at ~9am PST:
After getting Dan’s twit I repriced the identical scenario on RateSpeed at ~12:30pm PST and received the following results:
Boy was Dan right, the bottom did fall out this afternoon!
6.125% was paying 1.256% in YSP this morning, this afternoon it’s only paying .395%. On a $400,000 Loan Amount, that’s a $3444.00 difference! You could have locked 5.875% this morning for almost the same price that 6.125% is going for this afternoon.
It’s a turbulent market folks…the Mortgage Backed Security market is experiencing similar volitility to its equity market counterpart. Fun times.
