Mortgage Market Report for Friday May 9, 2008

Mortgage bonds could not capitalize on the weakness in stocks.  Soaring oil prices reached $126.00 per barrel.  This created new concerns about inflation to close a tough week.

The mortgage lenders have been very tough on underwriting standards.  Navigating these obstacles has been somewhat difficult even for the most credit worthy borrowers.  The timelines for coming out of the difficult housing market is being dragged out even further. 

 Enough of the bad news.  On the good news the rates are still very low and there are some great buys available for new purchases. 

 If your loan is prepared to lock it would be advisable to do so at this time to protect some of your recent gains. 

 Thank you for listening to http://www.contactherrick.com/  Please check back weekly for another report for you, your family, your friends and your important business contacts.

 This is a quote from Napoleon Hill

"First comes thought; then organization of that thought, into ideas and plans; then transformation of those plans into reality. The beginning, as you will observe, is in your imagination."