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Home Loans for Riders!
I read this on LinkedIn today and thought I would share.
Status is reachable
Richard Murphy
• 1st
National Trainer at Mortgage Educators & Compliance
1h • 1 hour ago
Market Commentary
Pricing remains erratic, varying tremendously from lender-to-lender. Reprice risk remains high. Holding out for better rates is ok but don't get greedy or you risk losing the chance to get the deal wrapped up.
Yesterday was a brutal day with multiple reprices worse. Why? Liquidity. We're facing a global cash crunch of epic proportions. Simply put, investors are selling anything not nailed down, including bonds.
Rates (not pricing) jumped a full point on many rate sheets yesterday...not to slow down volume. This is a true rate jump based on market conditions. That means you're not going to see it go away when volume slows down. The good news though is that there are plenty of reasons to see a bounce back in the near future.
What should you tell prospects, agents, etc? Tell them the truth...just don't expect them to believe you. Many are in denial bcuz they don't understand it and, therefore, can't explain it.
The same thing that is playing out here is playing out all over the world.
What about rate advice?
The only advice I can give right now is to buckle up. We have swung around hard and are now likely to see rates hold or increase for the near future before coming back down again (but not likely to come down to previous lows).
:cool
Status is reachable
Richard Murphy
• 1st
National Trainer at Mortgage Educators & Compliance
1h • 1 hour ago
Market Commentary
Pricing remains erratic, varying tremendously from lender-to-lender. Reprice risk remains high. Holding out for better rates is ok but don't get greedy or you risk losing the chance to get the deal wrapped up.
Yesterday was a brutal day with multiple reprices worse. Why? Liquidity. We're facing a global cash crunch of epic proportions. Simply put, investors are selling anything not nailed down, including bonds.
Rates (not pricing) jumped a full point on many rate sheets yesterday...not to slow down volume. This is a true rate jump based on market conditions. That means you're not going to see it go away when volume slows down. The good news though is that there are plenty of reasons to see a bounce back in the near future.
What should you tell prospects, agents, etc? Tell them the truth...just don't expect them to believe you. Many are in denial bcuz they don't understand it and, therefore, can't explain it.
The same thing that is playing out here is playing out all over the world.
What about rate advice?
The only advice I can give right now is to buckle up. We have swung around hard and are now likely to see rates hold or increase for the near future before coming back down again (but not likely to come down to previous lows).
:cool