Vic is snowed in, with no Dallas, Texas! They got more than a foot of snow, that's a RECORD.


Vic, that is for those two comments earlier this week about it being sunny in your neck of the woods while I was nervous my windows were going to break from blizzard conditions. Sorry you lost power though, that is no fun. Stay warm. Everyone wish Vic good luck, if one inch of snow causes a complete shutdown in Texas (which it does), I cant imagine whats going on with 12 inches on the ground.

On Monday Vic wrote that the short term direction of mortgage rates was dependent upon Treasury auctions and the behavior of stocks.

After three below average Treasury auctions and a few days of positive progress in stocks, mortgage rates are ending the week slightly higher than where they started.

Based on about 20 investor rate sheets, the best rate a consumer could be quoted, without paying a 2 points, is 4.75%, but only a few lenders are offering rates that low at the moment. For the most part, the best mortgage rate consumers could be quoted is 4.875%.

Of course this assumes you are a 740+ FICO borrower with a stable job history and 45% debt to income ratio looking to do an 80% rate/term refinance on your owner occupied property. If you don't fall into that camp, your borrowing costs will be higher because of THESE loan pricing adjustments. 

Financial markets are closed on Monday in observance of President's Day. Many mortgage professionals will still be working and a few lenders will even publish mortgage rate sheets. They won't be any better than today but they could be worse. I would expect mortgage rates to be very similar to today's pricing. 

We published some commentary on the outlook for mortgage rates after the Federal Reserve exits the mortgage market. READ IT HERE

Have a great long weekend everyone. Good luck Vic.