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I have never seen this happen before..
Rates spiked down this morning with the best lenders, then quickly went right back up, to higher than yesterday. 10 YR bond is down.
I have heard that some lenders that use automated pricing engines have websites that crashed today.
Phone locks can take hold times of an hour on the phone..
Seems like chaos.
30 YR rates seem to still be around 4.875% now.. 15 YR rates higher than 30 YR rates.
Madoff exposed a useless SEC. Just another day, another scam exposed.
Until you are qualified and approved, rates mean nothing.
Locks are a serious commitment and lenders lose money if they cannot deliver their commitments.
It wont surprise me if some lenders go under due to lock fallout.
Many people don’t understand what a commitment means. They just think it’s a game and want the best of both worlds.
