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Putting two-and-two together, I'm telling you for the last time: If mortgage rates get too close to 7 percent, the Federal Reserve will likely to accelerate the pace of its bond buys and may increase its commitment to the markets, too. At least temporarily, this would drive mortgage rates down in a hurry.
If you've been a loan officer long enough, you start to notice certain trends emerge in mortgage rates, mortgage products, and in the market overall. Here's an easy trend that even the lay can understand: When loan defaults spike, mortgage guidelines get tight. It will never be easier to be approved FHA than it is today. If your homebuying or refinance plans call for a FHA mortgage, consider moving up your time frame.
