Good morning everyone! I did not send out my Monday blast, as market news was all over the place.
In any case, even the commitment by the government to reinitiate purchasing of MBS (mortgage backed securities) could keep the rates suppress to the levels that we hit last week. As you can see by the bond chart below, the 10-day average has FINALLY hit our trading range (something that has not happened in a couple of months). This is a sign that rates have found a stopping point (for now, anyway). They cannot go down too much lower, I don’t believe… although the economy is still in really bad shape and a re-dip in the market could spur further drops.
I locked most my clients on Monday for those cleared to close.
I am traveling Thursday – Friday, but if you have new clients that you need to pre-qualified, feel free to send them to www.GoodLoanGuy.com and use the Apply Now tab in the upper right hand side. My processors are still her to process new application for the couple of days I am gone.
