Yesterday some Wells Fargo guys urged the Fed to raise rates:
Today Wells reported they made $49 billion in home loans in 1Q15, which is 36% higher than last year:
They may be goosing the Fed to raise rates so the WFB profit margin increases a tad, but they seem to be doing fine. But the mortgage-rate environment sure looks competitive, with jumbo rates staying UNDER the conforming rates:
Once the Fed gets around to raising their rate, the ensuing hysteria through the bond market may increase mortgage rates by 1/4% to 1/2%. But the competition between WFB, Chase, and BofA that has caused the jumbo rates to be this ultra-low should bring rates back within a couple of months.
The Fed move is still at least three months away – and probably longer.
Don’t worry, be happy!