The size of the average adjustable-rate mortgage was $688,400, two and a half times larger than last week’s national fixed-rate mortgage average.
Rates for home loans moved sideways in the most recent week, but the burgeoning bond market sell-off will likely hit mortgages in the coming weeks.
With fixed-rate mortgages near all-time lows, there’s been little reason for any borrower to take on interest-rate risk with an adjustable-rate loan.
Brokers willing to learn the lost art of making risky mortgages are in demand again. Now, small and midsize independent lenders want the brokers back.
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