April 10, 2020 Globalization may have brought us to a truly first global 'scientific/statistical/datasciene' experiment in history. Now that we have shut down who or what is going to have the courage to open it!? We may all be in this trough for the long haul.
First, the jumbo market disappeared. Then we saw the lender credit for high balance loans. Leaving primarily a refinance market for loans under $510,400.
Funny thing is lenders claim they are backed up and need 45 days but often I see the loan move along quite rapidly. Not sure why lenders insist on 45 days rate locks?