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Tuesday, February 23 2010 00:00 |
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Pushmi-Pullyu
Treasury rates increased last week on the Fed increase of the overnight rate which seemed to some traders to signal the end of quantitative easing. Still the move was telegraphed in advance and affects a miniscule amount of Bank borrowing. Rates fell back on unexpectedly poor consumer confidence numbers today, a rallying dollar, and problems that are keeping Europe’s rates low.
Our bank partners mostly held their rates steady. One apartment Lender reduced their short term fixed and 1 yr ARM by a 25 bps today.
2 Banks indicated that they are entering the apartment market: one has made a foray into So Cal and they indicated that they are now open to Northern Ca transactions. Another, re-formed with the personnel of a failed Lender, has opened the door to nationwide portfolio apartment loans. With all these new lenders, can we look forward to easier underwriting? We will keep you posted. |