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Huge Rate Gaps Between Lenders; Refis Still Booming; Credit Standards Ease

Huge Rate Gaps Between Lenders; Refis Still Booming; Credit Standards Ease

While all is easily forgiven in light of all-time low rates, the pandemic made a mess of the mortgage market in many ways. Most messes have been resolved, but several big ones remain. A few examples include a near doubling of previous turn times (from just under 30 days to just under 60 days for the average loan), high costs for certain types of loans, and a disconnection between mortgage rates and the bond market. It's that last one that we're interested in today--not for any particular reason, but it gives us something to discuss in this environment where the average rate continues holding almost perfectly flat. In fact, that's just another symptom of the disconnection! Mortgage rates are primarily based on the prices of mortgage-backed bonds. Those bonds trade on the open market throughout
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