I watched in amazement for the last 48 hours as 30 year mortgage bonds reached their lower resistance point. I suppose we always have the greastest hopes that the reversal from down to up will result in an incredible jump sending mortgage rates into the basement. When lower resistance on mortgage bonds is coupled with sinking employment a flat dollar, a drop in the stock market and fuels along with excess housing industry, you could have Goofey and Pluto as president and vice president and interest rates would STILL go down!

That's what happened today. I watched all day and called every pending client resulting in 3 "let's do it" responses and one of my clients headed out with local agent Lane Bailey and resulting in an offer made all today. Tomorrow who knows what will happen - that's the thing about mortgage interest rates, they always change.

If I were in the buying market and using mortgage money I would be very interested in springing today. I mean - TODAY. It's still "possible" (but growing less likely every day) to close on a home before the first time home buyer's tax credit ends. That's a nice bit of change to skip on if you're going to be buying in the next few months anyway. Then again I've only been doing this for the last several years so maybe I'm wrong and you can sit around and wait until homes are free and the banks pay you for borrowing their money.