I tend to find that most of my clients are the floating type of clients... but right now you are right... things are jumping in big ways and since the market is not actiing in the way it should, we can't confidently assure that a .125 jump will be all we see which is usually easy to recover over a week.

right now, I think this whole stink about lead paint in Fisher Price toys and all the contamination is souring our relationship with China...  they arrested some US distributor of food saying that we had sent THEM contaminated food...

the company president of the firm that had sent over contaminated dog food to the US was EXECUTED

so right now, I think they're re-posturing in the Chinese tradition... best thing to do is just get out of their way and let them think they've regained their face.

Anyone have the odds from Vegas on if your Olympic team will be boycotting the 2008 summer games in Beijing?

I find it interesting that there is such a diverse opinion on Bernake. I find it very unlikely that Greenspan would have said as little about the mortgage backed securities market and the bond market in general were he still the Fed Chairman. So does that mean Bernake is a rock in a raging sea? Or does he think that if he ignores it that it will just go away? Is he a genius or a dolt? There seem to be those convinced they are right on either side.

Ken,

The odds are some thing like 4 Billion to one we'll be going.

The Chinese are not going to risk their huge reported investment. Once the cost is recovered God alone knows what might happen. Being our biggest trading partner cuts both ways.

Bill

One opinon from Las Vegas

Well, Bill....

I guess my employer may want to rethink all the money they are putting into that sponsorship and marketing that goes with it of the 2008 Olympic Team. With threats of gas lines and now the possibility of our Olympic team skipping the 2008 games.....is Carter back in the white house? It's like de-ja-vu all over again.

Ken,

I survived Jimmy Carter!

He set a new low.

What worries me we could be in for even worse.

Can you imagine, Bilary, Polsee, and Reed?

I'm not paranoid, they are out to get us.

God help us.

The only advice I'd give B of A is do not to deal with illegals!

Bill

Lock em if ya got em......

And if they are Alt-A.... double check and make sure you still got em...   ;-)

bah humbug..........   just do a 270 lock with a float down option. Oh, wait.....  who does that in today's market right now?   sell, sell, sell I tell ya....   The Japanese bombed Pearl Harbor. 

In any case, I just lock clients when I take apps. Most of mine are first time home buyers. And even those that are refinancing, I lock. I just locked a 90% stated loan. A loan I locked last week on a refi. got .375 pts better. Oh well.....   it's too risky now. Tomorrow could be another story, no matter what market reports that we have in front of us. Just a hiccup in the stock market which could alter the bonds can make things go up and down in a blink right now.

Overall, I was a gambling man from'94 to '01 and made decent money that way....but not at this moment.

Thanks for the timely update Brian.  I'll be letting my clients know.

Brian - great information. I have bookmarked this post to send to some of the agents in my area who are not lockd! Thanks!!  :-)

Sensible advice in a non-sensible market..

Brian - What started out as a commentary on interest rate locks seems to have progressed to Olympic boycotts!  I'll have to get back to watching the mainstream media and catch up with all this!