Thursday, June 4, 2009

Mortgage Activity Falls on News of Higher Rates

No surprise in that headline, eh? Mortgage rates swung about wildly in the past 10 days or so, going up by a full half-point last week. Full half-point - how’s that for an oxymoron?

Yesterday one of my favorite mortgage loan officers said to me,“Don’t tell anybody I said this, but I’m secretly glad the activity is down. I can’t handle any more files on my desk!”

That lender said refinance applications were automatically pushed to the bottom of the triage sorting order, behind the new purchase applications. (Maybe that Hogwarts Sorting Hat knows all, after all.) Those refi applications were taking 60 days to get closed.

Nobody will be disappointed if I don’t ramble on and on about this topic. I’m nothing if not verbose. But for today, that’s all folks.

Technorati Tags: