Hello everyone!
As those of you who follow the Markets may be aware, yesterday and to a small extent Monday was a highly volatile environment for global trading markets. Several of the asian economies suffered rather extreme drops of up to 5% of the value of their collective markets. It is the prevailing belief from analysts that this was the direct result of the flailing US economy, and represented a pre-emptive sell-off in light of a potential global recession. I have the impression that it was significantly reactionary, but I"m not a financial analyst...
The side effect, positively, is that RATES IMPROVED, SIGNIFICANTLY!!!! Yesterday, I locked a client at 5.000% on a 30 year fixed FHA loan, which was just spectacular!
Today, as the market has recovered and the 10 year T-Bill has readjusted to the after effects of Ben Bernacke's FED 3/4% rate cut, the pricing for loans has risen slightly, but I can still easily, EASILY do a 30 year mortgage for less than 6% and I hope that will remain in that range for at least a week or so, perhaps more.
If you have any questions, please feel free to call me on my direct line, 517-983-1050.
Happy Hunting!
Comments(1)