April 11th, 2012 12:02 PM by BILL WILBANKS
After seeing the DOW drop by over 200 points yesterday and the 10 year bond slide below 2.00% by a couple points in the afternoon lenders only dropped their fixed rate conventional pricing by about 25 bp (quarter point). This morning saw the stock market regain almost 100 points and lenders have taken the quarter back with the 10 year sitting at 2.02% +/-. So when I look at our best 3.75% 30 year fixed lender on the well qualified borrower that means they went from rebating as much as 0.50% point on costs at the 3.75% rate to rebating 0.25% on the same rate this morning. Not a very big deal in the overall scheme of things.
Midday Update: points improved by 0.125% on conventional fixed rates. Remember they are subject to change at any time.