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C IL | I’ve been watching. Looking at refi on a house and a land loan.
In the short run, 10-year T bills look to be hanging around 0.8% last week. I have been kind of thinking in my head there will be more push down as the economic ripples spread outward, but what do I know?
5-year callable FCS bonds have been going for ~0.9%, so maybe there is a bond floor outside of treasuries?
Mortgage spreads historically wide against T-bill, suggests mortgage rates ‘should’ come back down. Right now seems like many banks are taking a wider spread as ‘protection’ against a run on refi’s and market volatility, which the Fed supposedly fixed with $4T last week. L
Lots of pain evidently yet to be felt in mortgage sector. Didn’t know this but apparently if you skip a payment on your secondary mortgage, the loan servicer (local bank) still has to pay the purchaser (presumably a pension fund). If the local bank can’t do it, Fannie Mae has to do it. With the .gov saying you don’t have to pay ... | |
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