Good morning everybody! You may have noticed that our post above changed from our Purchase Special to a Cash Out Special. We still are able to get an awesome rate for buyers, but we recently saw a huge price drop in our cash out products. So if you have considered taking out some equity in the future, now is the time to act as the .5% refinance tax will being going into place very soon.
Mortgage backed securities are down this morning after falling below their 50 day moving average. This is largely in anticipation of how high the Fed will allow to rise – many economists believe above the 2% target. As we went over late last week, this will push mortgage rates higher. With so much room to fall now, we hold a locking bias.