Rate Watch Update

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Happy Friday May 21, 2010

Stocks are now down about 10% from their peak.  So the debate is whether this is a healthy correction, or whether we’re headed into a legitimate bear market.  We’re kind of at that teetering point, so the next couple of weeks of trading will be a very important.

All of this uncertainty in stocks, combined with the financial fallout occurring in Europe has given US Mortgage Bonds a nice lift, and so rates have held very firm, maybe inching down just slightly.

The Senate passed the controversial Financial Regulation Bill last night.  The Bill must be reconciled with a version passed by the House, before being sent to the President.  We will be watching this closely as it gets closer to the President’s desk.

Jumbo financing is slowly coming back to life, we now have products up to $5 Million, if needed.  This is welcome relief to the upper end market.

Have an awesome weekend, let me know if I can help you or someone you know with any real estate financing need.

Mike