December 15th, 2010 9:53 AM by BILL WILBANKS
The last home buyers are closing out to get it done in this calendar year. Those last savy and yes lucky refinance borrowers that were prepared and therefore able to take advantage of this year's historically low rates before the most recent rate jumps are reeling in the savings. Most of the rest of us are concentrating on spending time with family and friends, doing last minute shopping and trying to fit in time for all those festivities here at year end and the last thing on their minds is mortgage financing and rightfully so. There's a time for everything.
Next year is just two weeks away. The year-end holidays will be behind us for another year and new opportunities will be in front of us. No one can tell you what mortgage rates will do one way or the other, that's true. But, you can be prepared to take advantage of any opportunity that comes your way the next time around. If you plan on home shopping in the coming year you need to get with a mortgage professional as soon as you can so you will have a handle on what you can qualify for and your various options. If you want to take advantage of refinancing on the next rate dip, when or if we see one, then you need to have your paperwork ducks in a row so you are ready to make a complete application in order to be able to grab a rate when you see what you want. You don't want to do a last minute scramble and risk losing another opportunity next time. So have a great holiday and plant the seed of getting prepared in the back of your mind for new opportunites.
Opening Sheet Note: Still under 5% on the 30 year fixed purchase this AM.
3 PM ET Update: Treasuries continued to take it ever since this morning when the Fed purchased $6.78 bln worth of 2014-2016 maturities through its Permanent Open Market Operations. The yield on the 10-yr has climbed more than 12 basis points since the results of the Fed's purchases were released with the 10-yr yield topping 3.55% for the first time since mid-May and at 3.50% at the moment. Traders have continued to aggressively dump longer maturities. Waiting for another rate update now.