Mortgage rates improved today, on average, but things can vary quite a bit depending on the lender.  Several lenders are back in line with their lowest rates of the past 2 weeks.  With the exception of early March 2020, these are the lowest rates of all time–at least if we’re talking about conventional, conforming, top tier scenarios.

It continues to be the case that “off-the-beaten-path” loan scenarios are nowhere near their historical lows.  This group includes risk factors like cash-out refinances, lower FICO scores, investment properties, and higher loan-to-value ratios.  Combine more than a few of those factors and you can be reasonably assured that you won’t even get a quote from a lender willing to do the loan, let alone offer a decent rate.  This is being driven by the response to coronavirus in the housing market and beyond, where rampant forbearances create rampant uncertainty for mortgage investors.  Loan scenarios with more risk factors are essentially in much lower (if any) demand until there is more clarity on the employment and forbearance situations.

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