July 17th, 2013 1:11 PM by BILL WILBANKS
What may be Fed Chairman Bernanke's last semi-annual Q&A in front of Congress today influenced the 10 year treasury this morning to lower below 2.50% for the first time since last month. Even though he basically restated the same message he has been putting out since he backed off somewhat in the last couple weeks from the initial "Tapering" comments that started the abrupt rate climb on May 22. Lender rate sheets appear to have generally dropped points on the cornerstone 30 year fixed rate conventional loan by 0.25% to 0.375% point today so far, lowering sheet rates by 0.125% or so. Looks like the same quote on a very qualified borrower which had been ranging at 4.50% or higher in the last two weeks dropped with a few lenders this morning back around 4.125%. That's a nice drop though how long we can expect to see this offering remains to be seen. But most product rates should see similar movement as well. Are you ready to take advantage of dips like this? Give me a call to see just how easy it is to get started.