Conforming 30-yr. rates are up slightly again this week from last Monday– from 4.75% to 4.875% (with one point). And, today, rates are still under pressure as investors are watching for the results of the Fed meeting (ending tomorrow). Any changes in current Fed policies will most likely ratchet mortgage interest rates higher. However, because the economy is just beginning to show some growth shoots, it is most likely that the Fed will not tinker with the monetary policies until they are assured that the growth shoots have roots.
Nevertheless, keep current with your borrowers and their expectations of rates. As well, underwriting guidelines are tightening again, so make sure your borrowers’ loan approvals are up-to-date, and remember a pre-approval is not always a full approval.
If you have questions on rates, scenarios are underwriting guidelines, we are here to help. Give us a call.
Ginger Sullivan, Anasazi Mortgage