“How do you tell when you’re out of invisible ink?” How do you tell when interest rates are “where they’re supposed to be?” Arguably, rates, based on supply and demand, are right “where they’re supposed to be” at any given time. The financial press will be blathering on about the Fed (e.g., whether it will cut rates by 25 or 50 basis points) until September 18th. Most would agree that the Fed should be “behind the curve” and right, rather than “ahead of the curve” and wrong. Of course, no one predicted a 2-day refi boom, and rates have moved back up somewhat. But, of course, every company that owned the servicing rights for a given loan reached out, and borrowers took notice. Treasury yields, like the 10-year T-Note’s, came down, and mortgage rates followed, and then went back up. But investors and bond traders have already priced in a Fed rate cut, to a great degree, because everyone is expecting it, so mortgage rates have already also come down. (Today’s podcast is found here and this week’s is sponsored by PHH Mortgage. If you are looking for a Correspondent Lending partner or an experienced, award-winning subservicer who can manage your forward and reverse, residential and commercial, and performing and non-performing loans, look no further than PHH. Today’s has an Interview with TPO Go’s Phil DeFronzo on all things renovation lending and how expanded product guidelines are helping borrowers.) Lender and Broker Software, Products, and Services