October highlights and November Predictions

October was a great month for purchasing and refinances. I had heard the entire mortgage industry had an increase in business, especially in the midwest. I think the weather helped, as well as many people deciding to turn the TV off for a while and get back to living their lives, rather than being frozen in fear with what the media is pushing.

The month ended on a high note with excellent weather for the kids that went Trick-or-Treating. I only had about a dozen kids show up, but was ready for many more. Guess that's because I live in a neighborhood without many children, if any.

Now, we're less than 24 hours away from Election Day, I think businesses should give an extra hour to their employees to go vote, how helpful would that be for everyone. I suspect the lines will be long tomorrow, so I'm not sure what time I'll be going.

Mortgage rates pretty much ended October where they started, and today mortgage bonds are looking like they cause rates to go up a little tomorrow. Since rates move so much, I would not get to concerned that they will move out of your price range, they've been bouncing up and down for nearly 6 months now, so you should still be able to catch a rate at or near what you want. If you are looking to refinance or buy by the end of the year, now is the time to get pre-approved. Loan guidelines are still moving to the more conservative side, so they continue to get more strict every week.

After tomorrow evening's election decision, we may be in for a jump in rates in either direction. There will be excitement for sure. I'd like to know what others think will happen in the days after elections to fixed interest rates if Obama, or McCain gets elected.

Obama elected - rates go UP or DOWN?

McCain elected - rates go UP or DOWN?

Let me know what you think and I'll tally the results.

Talk to you later

Craig