The fallout of higher short-term rates will be seen in second mortgages, lines of credit, car loans and consumer loans.
A lot of lenders are sending out letters stating that they are going to start accepting loans at higher loan limits well ahead of the Fannie Mae announcement.
You're going through a fire drill before closing, lining up inspectors, attorneys, getting paperwork together. It's a lot easier if you already have the loan in place.