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The truth about mortgage rates…

Why are rates and fees points so high in this market ?!

Yes rates are higher and currently are ranging from 6.25% to 7.25% at the moment as I type this.

It’s simple - them/they on the secondary markets are hedging that rates will come down here as this “recession hits” once the govy and media say it’s in actually in one.

At that time many current “higher Rate” clients will want to refinance and lenders are worried about EPO,s ( Early Pay Offs) this means usually the lender has to pay back the all the profitability on a loan if it hasn’t seasoned on at least 6+ payments made.

They/them can’t charge a “ pre-penalty fee” unless is a NON QM mortgage.

So rates and points are charged upfront. And LLP’s (loan level pricing adjustments) have been enacted.

Ask me how I know.

call_frank_not_the_bank

submitted by /u/Low-Actuator7536
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/11yc2es/the_truth_about_mortgage_rates/
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