Rates Waiting for Bigger News; Managing High LTV Risk; Global Rout Boosts Mortgage Apps; Stonegate a Buyout Target
Mortgage rates were almost flat again today . Most lenders were just a hair higher in costs vs yesterday. The most prevalent conventional 30yr fixed quote remains 4.0% for top tier scenarios, but 3.875% is still available. In general, the bond markets that drive mortgage rates are remaining nimble until they have a better sense of what the Fed will do in the policy meeting 2 weeks from now. As we frequently discuss, the Fed Funds Rate doesn't dictate 30yr mortgage rates, but the two tend to correlate over time. Moreover, the initial lift-off from record low rates will be a big deal for financial markets in general. It would be hard for mortgage rates not to get caught up in the volatility--most likely in a bad way. In other words, the sooner the Fed officially hikes OR the sooner the economic
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