March 8th, 2013 4:05 PM by BILL WILBANKS
Points have increased every day for a week. Today alone we see the 30 year fixed jumped a full 0.50% point since yesterday driving the lowest 30 year zero point basic quote on a well qualified owner-occupied borrower to the 3.50% level. Only last week it sat at the near record low of 3.25% for the same quote. Though the market still has about thirty minutes to go at the time of this writing we saw a 10 yr Treasury hit 2.08% and the DOW on another record day around 14,400. This mornings unemployment number appears to sit at a new 7.7% level.
If you're a refi fence sitter or thinking about home shopping in the near future how long will you wait to make the plunge? Indecision is proving to be expensive with fixed rates up a full 0.50% since the end of last year (2 MONTHS AGO).....and there are still supposed to be about 50% of mortgage debtors who have not taken advantage of refinancing. If they can...what on earth is holding them back? The record low rate/free money refinance era if not dead is certainly on life support!!!
Bill Wilbanks