Market Analysis

Bonds are under pressure from a weak Treasury auction of a record $30 billion in 2 year notes.  The consensus estimate is that the Fed will cut the Fed Funds rates .25 points on April 30.  This is already priced into the market for long term rates.  Most analysts expect that Fed rate cutting will be done after this meeting.   If your loan is within 30 days of closing you may want to considering locking now.  The upside potential for further improvements seems limited and the risk that rates could move higher seems higher.   If you would like to lock with us, the first step is to be pre-approved.  You can access a short application form at http://www.ironharbormortgage.com/xSites/Mortgage/IronHarbor/Content/UploadedFiles/Iron%20Harbor%20Short%20Application.pdf
If you lock and the market improves dramatically, we are able to renegotiate once and get within .375 points in closing costs of current market.  For example if the market improves to 5.625% with 0 points, we can renegotiate once to 5.625% with .375 points.  It is important to note that even though when renegotiating there is a .375 point adjustment to closing costs, usually we renegotiate rates to a rate sheet that is very short-lived and, therefore, most of our borrowers get a better rate renegotiating than if they were just trying to call in and get their loan registered and locked to start with.
Posted by Matthew Breston on April 23rd, 2008 12:47 PMPost a Comment (0)
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