April 1st, 2011 9:42 AM by BILL WILBANKS
After hitting it's high this morning at 3.53% the 10 year treas has fallen back to around 3.49%. It had closed at 3.47% last evening so lenders too will either fall back on the late afternoon 25 bps bump most saw yesterday for this AM's sheets or find some way to find direction in today's data as it evolves this morning. We'll wait and see what is posted this morning.
End of day update. Well the appeal on the loan officer compensation rule from the Fed Reserve under Reg. Z was granted a temporary reprieve by the Federal Appeals Court late yesterday until the panel of three judges can review evidence on April 5th that has already been presented by both the parties in the case, the Federal Government and the NAMB and NHAIP the plaintiffs representing loan originators and their attempt to protect both the originator and the general public against a rule agrued to be anti-consumer friendly in actual effect. One example today of what the stay did for us was giving us the ability to actually quote a 4.75% 30 fixed conventional rate on zerto points. Without the temporary stay it would have been 4.875%...hey that's consumer friendly right? Thanks again DC!!!