Good Afternoon,
The economy is sinking, and it is sinking fast. Most investors pulled from the stock market and have dumped what ever they have left into the treasuries. The 10-year yield, before the Rescue bill was denied, was as low as 23 basis points on the day.
The Dow Jones has fallen as low as 705 points and the day is not over yet. Mortgage rates have changed little. Typically the stock market and bond market move in opposite directions. Bonds have rallied in the last 2 ½ weeks, giving people looking for a mortgage, some breathing room.
Be prepared for some major changes in the financial industry, because the mortgage industry is visually transforming before our eyes. Though guidelines will surely change, it is uncertain how difficult it will be to get a loan. The majority of the changes set to take place in October have already taken a toll on many prospective homeowners. Consumers have reacted slowly to price drops and many of them catch the rates when they are on the rise. You can contact me today to see if refinancing would benefit you. Timing is of the essence.
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