BUEK! RateWatch New Year's Eve!

What is it with the "Eve-s" this year?  Thanksgiving Eve was a
great day for rates, so was Christmas Eve, and now New Year's Eve sees
a bump down because of the Fed announcement that it will start buying
mortgage-backed securities in January.  Remember how I predicted rates
would go lower?

 

Appears I was right.

 

There are limited - LIMITED - programs back under 5% today, but
this isn't the big move.  Most traders are out for the holiday and I
predict most of the momentum on bonds will be after the new year. 
We'll be RateWatching extra hard come next Monday.  Stay tuned.

 

Meantime, if you want to know where your loan would be, rate-wise,
shoot me an email.  You could call, but I might not get back to you
before the 5th.

 

BUEK!  That's Hungarian for Happy New Year.  No, really.  It is.  You can look it up.

 

Cj

Rates Drop Below 5%

So here we go. The Fed has essentially signalled that it will fire all of its guns at once and explode into space (first to reply with that reference wins lunch), and that has turned the markets upside down. The 10-year bond is up a massive 200 basis points in the last 24 hours, but the FNMA/FHLMC bonds, though they were strongly up yesterday, are not following up today. There is a lot of profit-taking going on.

Therefore we are sitting in a curious spot. Rates are very good, better than I've seen them in 4 years, but not as good as I would have expected them to be based on yesterday's news. We are getting a big negative move in mortgage bonds today, giving back almost everything we got yesterday. That means that rates are changing program-by-program, lender-by lender about every half hour. You want a fantastic rate, you have to have someone standing by with his finger on the trigger.

That's what I do. I need a couple pieces of information from you and a target rate, and I can be ready to lock when we hit the rate you want. But you have to email me and let me know you're in the game.

More later.

What the &#)(@$*!!!

What has happened to Illinois!?!?! How could this Blagojevich thing be happening?

No true Chicago politician would EVER have been caught like this. It's unthinkable that Mayor Daley could ever have been so obvious about taking bribes.

Boy, the quality of our corruption has really declined recently.