This entry was posted on Friday, April 6th, 2007 at 12:18 pm and is filed under Mortgage Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Sacramento Mortgage Rate Update
The benchmark 30 year fixed rate mortgage rose this week to 6% with 1 point.
Behind the Numbers
The pre-Easter week was thinly traded with this mornings job report the key piece of data. March job growth exceeded forecasts, with the Labor Department reporting nonfarm payrolls of 180,000. That was higher than the 168,000 expected by economists.
The 10 year Treasury note yield rose to 4.75 from around 4.5 a couple of weeks ago. Hopes dimmed for a near-term interest rate cut.
100% Loans Disappearing Rapidly
This week several of my largest lenders—Chase, HSBC, Wells Fargo, and MortgageIT—announced the withdrawel of high LTV 2nd loans that help us get to 100% financing. Many are eliminating them entirely, some will continue to offer them on a “full doc” basis only. The landscape is changing rapidly.
The captain has fastened the seatbelt sign.