Posted To: MBS Commentary

This began as my normal daily "day ahead" article, but as you can see based on the time of day and the following content, it turned into something else. Apologies for the break from the norm, but we have bigger fish to fry at the moment. Why? In a word: because of this . This has instantly created a very big mess in the mortgage market, and a ton of anger–justifiably so! For those that aren't going to click the link above or who don't really understand it, let's break it down in even shorter, simpler terms. The FHFA announced a new hit on all conventional refis (except certain construction-to-perm loans) effective for loans delivered to Fannie/Freddie on 9/1 or later. That applies to any conventional refi that isn't currently locked and that can't close before…(read more)

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Source: Mortgage News Daily