The latest interest rate information from Mickey Carlton:
Mortgage interest rates rose considerably over the last several days. We are now seeing 30 yr fixed rate mortgages with no origination fees or discount points range from 6.75% to 7.25%, depending upon loan size and the borrower's creditworthiness. The cash price of ten year treasury notes hit a five year high in the Asian market during last Friday's trading session. Nothing appears on the immediate horizon that would reverse these increases.
The various agencies that "set" loan guidelines continue to tighten. We are expecting an announcement from Fannie Mae and Freddie Mac that conventional interest-only fixed rate loans will now be qualified by using the full principle and interest payment. In the past, we have qualified such borrowers with the interest-only payment. This is just another example of the current trend toward tighter loan guidelines.
The various agencies that "set" loan guidelines continue to tighten. We are expecting an announcement from Fannie Mae and Freddie Mac that conventional interest-only fixed rate loans will now be qualified by using the full principle and interest payment. In the past, we have qualified such borrowers with the interest-only payment. This is just another example of the current trend toward tighter loan guidelines.
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