Rates have been very volatile. They were on a slow steady incline until we ran into the issues with Egypt, Japan and Libya, then they came back down again. Right now they are slowly going up again. As always, we are at the mercy of the market. As the stock market stabilizes and Japan gets under control they will most likely continue on their incline.
But more importantly there are new regulations taking effect April 1 as a result of the Fed that is going to change Originator compensation. While it is well conceived, the implementation of it is causing lots and lots of problems in the industry – which as it is playing out is likely to increase the fees to you as the consumer. Regardless of where rates are due to the new regulations new fees are going to be built into the process that is going to make it more expensive for you to get mortgage financing. If you are on the fence about refinancing or about to buy a home, if you can you loan application submitted before Friday the 25th it will likely save you lots of money.
