Market has been somewhat tumultuous this week with huge swings but general trend down today following the Fed comments yesterday about probable rate cute when they meet again.  Note that this rate cut will soon be priced into our market so when they actually do cut the Fed Funds and Discount rates it will have little immediate affect.  Like always when rates go up they are riding a rocket and when they come down they are strapped to a parachute, one bad day for rates can take 2-3 days of good rates to get back to where we were.  Note however we are in a downtrend at the moment.  Being a broker with most loans we can lock at application and then reduce the rate with a re-lock should rates drop before submitted for final approval and loan documents--take advantage of that and send me/us your clients!

 

After weeks of speculation it appears Bank of America will be taking over Countrywide.  While I am all in favor of competition and multiple sources for consumers, this is a good move for consumers and the market as it prevents another lender closure and the subsequent morale deflation on Wall Street.  As well given what I have seen and experienced with Countrywide in our market it should benefit local consumers on many fronts to have Bank of America running their operations and the subsequent change in culture.

 

Please feel free to forward this email to your co-workers and clients--or send them to my Mortgage Blog where it is posted weekly.

 

Have a great weekend,

Friday, January 11, 2008 

 

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