Funded a loan in Oakland for cash out refinance; and funded a rate and term refinance in San Leandro this week.
Locked a loan in Castro Valley for refinance, and locked a purchase loan in San Ramon for a 1031 exchange this week so far.
Tuesday without warning the bond market lost more than 60 basis points, and mortgage rates had their steepest increase this week.
There is virtually zero chance rates will return back to their lows and here is why:
- The Fed has stated they are not increasing bond purchases
- The economy will improve as the economy reopens
- Skepticism about the vaccine is diminishing
- Inflation is becoming a real concern.