Posted To: Mortgage Rate Watch

Just as the mortgage industry was coming to terms with unprecedented market volatility due to coronavirus, the details of the CARES Act (the coronavirus rescue/stimulus/relief bill) presented their own set of challenges. For some lenders and borrowers, these challenges are an even bigger deal than the recent market movement. The past few articles detail those challenges, but the net effect has been a staggering level of inconsistency in mortgage rate behavior from hour to hour, day to day, and from lender to lender. It’s also resulted in rates moving quickly higher for some programs even as the underlying mortgage bond market suggested rates should be moving lower. While the hardest-hit programs are still priced very poorly or altogether missing , the mainstream components of the mortgage market…(read more)

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Source: Mortgage News Daily