I realize that is has been about two weeks since our last mortgage post, but there is good reason behind it. The first is we have been busy studying and taking tests for the 14-hour continuing education requirements needed to renew our brokers’ licenses. The other being that some major changes went into effect on July 31, 2009 that will affect the entire mortgage lending industry.
Over the next couple days to weeks, we will post on what is new with the mortgage industry and what specific items have transpired in the State of Florida.
While you are waiting for these posts to be released, I will give you an update on mortgage rates. Monday’s rates were a small step up from the 4.875% closing rate on Friday. Today, the market is in a frenzy. At 12PM EST, there have already been two rate adjustments. Both of them have been in the upward direction. Currently, rates for a 30 year fixed are sitting the in the mid-5% range. Several lenders have stopped the option to fax in rate locks due to the volatility of the market and are only accepting online locks.
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