Yes, definitely a potential disqualifier for income and/or down payment tight buyers.
However, they had over a week to think about locking before FOMC, and anyone that was teetering in-and-out of qualifying should have never floated into a Fed rate decision.
This is why I post our LOCK-O-METER rate lock risk scores in my Monday Data Deluge.
Yes, definitely a potential disqualifier for income and/or down payment tight buyers.
However, they had over a week to think about locking before FOMC, and anyone that was teetering in-and-out of qualifying should have never floated into a Fed rate decision.
This is why I post our LOCK-O-METER rate lock risk scores in my Monday Data Deluge.
https://jonkutsmeda.substack.com/p/mortgage-rate-data-deluge-nov-03
It is also unfortunate for an entire cohort of potential refis.
We were getting a lot closer to above par pricing in the 5.0 UMBS coupon (broke above on Oct 28).
That would start to unlock the next tier of low-to-no cost rates.
C'est la vie.
Maybe this corrective move stales and starts to reverse, maintaining the overall downward trend - let's hope.