July 7th Video Market Update

Hello AR Team! I hope you all had a wonderful 4th of July and all the business you want waiting for you when you came back to the office this morning. I don't know about you but it was hard coming back this morning. Especially when I can hardly get out of my house and have my cell phone buzz and read "Alert to Lock!" from a service I subscribe to. I made a quick call, missed the voice broadcast of why we should be locking but noticed that mortgage backed securities were down 44 basis points for the day which equates to .44% on a mortgage loan or on a $300,000 loan $1,320 extra to get the same rate as Thursday before the market closed. Well I am digesting all of this thinking, why can't the day start positive and then within minutes, my phone buzzes again, "Alert to Float!" Complete reversal in about 20 minutes, more bad news for the stock market with some preliminary estimates for 2nd quarter losses hitting the wires from banks leveraged in this mortgage meltdown fiasco and another "flight to safety" into bonds. Wow, crazy times. On my update Thursday I mentioned the Monday after a long holiday is always interesting and this Monday did not let us down. Please watch the video for my technical reasons as to why the market reacted the way it did. As always, Be Blessed! Travis