Magical Monday, Sept 8th Video Mortgage and Financial Market Update

Hello Friends! Wow, finally a magical Monday that I can say with sincerity! When the news hit the wires this weekend that the US Treasury Secretary announced the Feds are stepping in after 4 weeks of watching the stability of Fannie Mae and Freddie Mac and are taking over as conservator's, that kind of news was going to be huge when the markets opened this morning. I just didn't now how good the news was going to be for bonds or mortgage rates. Well it was good to say the least. The stock market opened very excited and the DOW was up 350 point at one moment but has retreated to still a good number of being up 150. Mortgage backed securities are up 106 basis points currently and that has ranged from 88 to 112. What does that mean? Well if you were to pay 1% of your loan amount to buy down the rate .25% on Friday, that 1% would be paid for today, 100 basis points equals 1% in fee. So on a $300k mortgage loan, we are at about a savings of $3200 at the moment, so this is big news. Please watch the video for more details. Have a great week and Be Blessed as Always! Travis