Mortgage Market Guide - 12/17/08
Dow closed down 99 but the rate market faired worse for mortgage consumers. I'm seeing across the board rate increases by lenders due to increased market demand for refinances. Seems like a pure supply and demand issues.
I have to imagine one or two of the big lenders rolled out rate increases due to increased refi demand and it trickled through the system to the little lenders- like a domino effect. I'd put money that Chase, Wells, B of A or Citi got the ball rolling. The monoplies have us by the short hairs.
The lenders are taking advantage of the increase in loan volume and offsetting the increased demand with increased revenue.
If you didn't lock this morning, you lost .25% in rate. Sorry for the bad news. Welcome to our world.
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