Orlando Mortgage Blog

Rates have been jumping for two weeks now based on the heavy selling off in the bond market. Many who have taken a break for the holidays and have not been paying attention to mortgage rates are in for a surprise in their stocking this year. Just over a month ago we saw 4% zero point 30 year fixed rates on purchases. This morning at the start of the new week we are barely able to hold a 4.75% zero point quote on loans of $165,000 and higher. The 10yr closed Friday at 3.3248% and we saw a 9 AM 3.364% level. We expected a 25 bps bump and it was realized on the initial pricing sheets again this morning. Since then the DOW was up 45 points and the 10yr back down at 3.254% at about 12:50 PM. So if that holds true we could recover this mornings 25 bps hit this afternoon. Midnight madness sales to save $20 on that sweater are certainly important to the pocketbook and a feel-good part of the season, but your mortgage as dry as that topic can be at the moment, if you need one, can mean thousands. Keep it in perspective.

5 and 10yr Charts: look at the 11/5/10 bottom. Now you know what's happened on rates.