Rate Update November 3, 2008
Last Wednesday we shifted our outlook to “floating” after rates had increased by approximately .50% over the course of a week. Based on the technical trading patterns it looked liked mortgage-backed bonds may have bottomed and gain some upward momentum which would lead to lower mortgage rates.
However, mortgage-backed bonds have yet to rally and we are getting leery that one may actually materialize.
Please watch today’s you tube video for an important message about upcoming RESPA changes that will impact the Good Faith Estimate, HUD-1 settlement statement, and the escrow closing procedure.
Click this link to read more about the proposed rule and download examples of the GFE, HUD-1, and closing script.
Current outlook: neutral with floating bias