After a shocking day on Wall Street and the fears of Fannie and Freddie - this is very big news. Choosing today to make it happen after the news this morning with Hank Paulsen and President Bush news conference. Wow - do you think Schumer (D-NY) has any second thoughts for all of the comments about the bank over the last 11 days?
If you locked your mortgage rate yesterday you got a great deal. Many investors had their rates change about 5 times today. Chase moved at least 4 time and the latest move was large at .75 bps worst after the new hit about IndyMac.
I got this news flash at 4:36 pm and Chase made another rate change by 4:52 pm.
Due to an unfavorable market, effective 6:00 PM, there will be an immediate re-price, for the worse, of approximately .75 to 1.125. Keep in mind, the change is approximate and may vary based on product and note rate. The newly revised rate sheets will be available shortly. Any new locks will receive revised pricing.
Monday could be an interesting day for financial stocks.
Accurate mortgage quotes require that you pull a real mortgage credit report. We'll show you how to take control of your credit report and tune up your credit profile for the highest possible score before locking in your rate. ...learn more.
Once we have your mortgage credit report, we show how you were "scored" by Fannie Mae - an agency that gives lenders recommendations of the risk level your loan request presents. ...learn more.
After learning how Fannie Mae rated you, we'll show you what your loan options are and help you choose the program that works best for your personal finances. ...learn more.