Bay Area Mortgage Broker Talks About Today’s Rate Trends After Hurricane Sandy

Mortgage backed securities tanked the first day the money markets were open after Hurricane Sandy however bay area mortgage rates remain steady and mostly unchanged.

After two days with the markets being closed due to the horrible storm on the east coast the Bay Area Mortgage Rates open a bit lower than they were last Friday!

There is a lot up in the air right now with the elections and a ton of uncertainties in the markets.

Bay Area Mortgage Rates Hold Steady

Typically, it’s the prices of mortgage-backed-securities (MBS) that have the most influence on the day-to-day movements in interest rates and the costs associated with those rates (because it’s less common for the actual quote interest rates to change on any given day, while it is almost always the case that the closing costs associated with that rate will be changing).  And while some lenders did indeed offer better pricing today, in line with the improvements in MBS, there was certainly an uncommon level of disconnection.

In part, this is a symptom of markets having been closed yesterday and most of Monday.  With today being the last day of the month, it has created a sort of crunch-time for lenders to conduct October’s business.  Additionally, we have the important Employment Situation Report coming up on Friday and mortgage rates tend to err on the conservative side heading into the report. Read More

Mortgage Broker Rate Perspectives 10/31/2012

“I feel today would be a good day to lock up loans. Friday’s jobs data can definitely move the market, but with rates at this level there is much more room for a move higher in rates than lower. And the election is right around the corner and who knows what impact that might have on rates. MBS are at their best levels in quite some time. If your lender repriced better, i would lock if within 30 days. If your lender doesn’t reprice, you might still consider locking but definitely lock up before Friday. ” -Victor Burek,

I strongly agree with Victor… If you are in the process of a loan with a Bay Area Mortgage Broker you would be wise to lock in your mortgage rates right away.