Your mortgage is a commodity, just as the action. Lenders bundle your loan to a group of similar loans to large sums of money. This group or bundle of loans sold to investors on the open market.
You can understand why your specific loan you sign the papers and get it installed by the creditor. If your loan does not meet the criteria set to "bundle" loans then you won't be able to get the best interest rate, all others receive because your credit can not be sold as easily or creditor is to your credit. Most of your documents are written using guidelines of Fannie Mae.
This last week world events affected our market to the positive ...
Rates dipped. Why? Simple: Fears sent the money pouring into the bond market, the United States (including mortgages) because, despite the fact that we have problems, we are still the safest place to be. Global debt (Government bonds) for Greece, Spain, Portugal and other countries has been questioned. Add to that the recent fall in the stock market of the United States and you have investors looking for a safe place to park their money. And that's with Uncle Sam and Freddie, Fannie &. Therefore, if investors are going to give Fannie Freddie & their money either way, Fannie Freddie & should give a higher bid to entice them? Nope. They may offer a lower price and investors will continue to buy their mortgages.
But Spain has just confirmed their AAA rating to intensifying Germany Greece and help the stock market he stopped the slide. So the fear of decline and the betting turn again ... and this trend will continue, unless we have another global melt down.
This week, rates ranged from 4.75% to 5% depending on the loan program, and point.
Whether you're buying or selling a home in Dallas, or you move to Dallas, the Harrison group is here to help.