Yields on the U.S. 10 Year Note fell significantly yesterday, while Mortgage Rates ended up “unchanged” for the most part. We point this out because many of our borrowers follow the 10 Year Note closely and they expect mortgage rates to align with the 10 Year’s movements. But mortgage rates often do not, and yesterday was case-in-point.
We have numerous “pre-approved borrowers” looking for homes in the $800,000 to $900,000 range. And all of them require loans above $625,500. The problem?? These loans MUST close by September 30.
Buyers in need of loan amounts above $625,500 MUST find homes in the next 2 weeks, or they will be forced to take Jumbo Financing.