The late fear yesterday was that both Fannie Mae and Freddie Mac were in trouble and needed to raise some fast cash to stay afloat. With mortgage backed securities starting with FNMA, although the market was primed for better rates, no one seemed to be able to get past that.  It almost made the fact that Indy Mac was shutting its lending side seem trivial. Today the news (and bonds) is better. With the Fed coming out stating that they would do whatever it would take to fix this and Freddie and Fannie both saying that it was overstated,  rates are seeing something that they haven' seen in a while.... A re-price for the better.  The NAR also came out stating that pending home sales dropped 4.7% and are now not expecting the market to recover until 2009, something re-iterated by California Federal Reserve President Janet Yellen. Really giving a boost to us today is oil's slip of over $9 a Bbl in the past 2 days. It seems that Iran really isn't ready to go to war.  As I Type, The FNMA 5.5% is up 73 Bp for the day.  Lets keeps our fingers crossed.

Karl Menzer

435-849-0212

http://www.tooelehomeloans.com

 

 
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Karl Menzer Tooele Utah Real Estate Lender

Tooele, UT

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karlmenzer.com

Address: 36 N Main St., Tooele, Ut , 84074

Office Phone: (435) 849-0212

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