OK - as promised to many of you, I am going to use this to keep you updated of market actions, commentaries and what's going on in general with mortgages. Many of you reading this right now already have loans in process or are tyring to get your loan locked.
For those of you who are locked - great! - Kristy and I are working around the clock (literally) to get your loan wrapped up before anything adverse happens (rate lock expirations, changing or deleting loan programs, an uneventful sale of a foreclosure in your neighborhood that drops property values even further, etc.)
For those of you who have not locked - sit tight - I am monitoring things very closely and I am also constructing an e-mail distribution list this weekend that will notify you immediately if I see the opportunity again.
Enough about housekeeping items - the markets are the most volatile that I have seen in 15 years. On Wednesday of this week I saw the single largest decrease ever - unfortunately the markets took it away from me in less than 3 hours - needless to say it is gone and today the rates are back up to were they were at the very beginning of the year. It is like riding a roller coaster at Cedar Point - Up & Down, Up & Down. Currently the stock market is up as I write this and there appears to be a shift back out of bonds and into the equity markets - this will cause rates to increase - at least temporarily.
MY COMMENT ABOUT RATES - This will be the most volatile year ever for mortgage rates.
Later tonight or tomorrow, I will put up a post as to why and how we can take advantage of this volatility in rates and what I am calling the The Perfect Mortgage Storm and how to navigate your way safely through it.
- Jon
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