The Walker File: Mortgage Refinance Extinct, 6% Mortgage Rates, Wells Fargo
By: Bruno Mckenzie
I’m sorry I didn’t write my column after midnight today as my fans have become so accustomed to. Last night I was working on the Walker file. I delve into territories unknown looking for answers to big problems. Fannie, Freddie, mortgage rates starting with a numeral 6, a barren land in what was once booming with home refinance. I looked into 2011 and years beyond. I woke up this morning a wiser man, with a helluva headache. I closed the Walker file last night knowing some questions just don’t have answers. I had exhausted my resources.
The Walker File.
There’s a lot to cover this morning in just 20 minutes until my boss gets here. I had better get going. I went with a heaping 1/2 scoop to make my 10 cup pot today, rather than the normal perfectly leveled amount. Things are getting serious.
Lending Tree chief economist Cameron Findlay recently painted a horrid picture for the refinance business saying in 2011 mortgage rates will have risen up above 6%, dampening mortgage refinance volume by 80% and much more. Ed Ferrara reported on this and included a VIDEO. Read the full story and or watch the video here.
NEW: Looking for the lowest mortgage rates in your area? Do a local mortgage rate search.
Sheldon Levene said Fannie Mae and Freddie Mac are aggressively going after lenders that originated bad loans, pushing them back on the originators in record numbers. That’s sure to cause underwriters at these originators to be slightly hesitant with the approval stamps. Who can more easily absorb the loss? Fannie, Freddie or a small lender? Read the fully story here which includes a VIDEO.
Wells Fargo is very competitive with their 15 year fixed conforming mortgage, and 30 year fixed jumbo loans. I did a story on Wells Fargo mortgage rates which includes a rate table. See it here.
Mortgage ratesheld with pricing improving slightly yesterday. Ed Ferrara had it covered, current mortgage rates, FHA mortgage rates, and even jumbo mortgage rates from morning to night. Read the lastest mortgage rate update here.