Rates have risen by a quarter point this week as MBS markets have sold off every day so far. We’ll see what tomorrow’s trading brings, but the damage is done and loan agents/borrowers who’ve holding out for better than all time record lows now get no quarter. In my MortgageNewsDaily commentary, I’ve been warning about spikes like this.
Linking to my comments from today below, but first I offer tonight’s installment of The 31 Days of Rocktober: Led Zeppelin’s concert staple No Quarter, from their 1973 Houses of The Holy album. The song’s title refers to a military practice of showing no mercy to a beaten opponent and to not asking for mercy if beaten. So if you’ve lost out on a quarter in rate during this week’s MBS selloff, may this song offer solace. Listen up, then go read the rate guidance.
– No Quarter – Led Zeppelin (youtube)