MARYLAND FHA EXPERT
The week ahead .....
The stock market is opening up down big time yet again. Speculators are calling for the Fed to cut rates up to .75% Jitters in the stock market have started another rally in the treasuries, which usually means lower mortgage rates. The credit market seems to be in a deep freeze. The Government understands this and is attempting to do everything possible to encourage banks to lend money. It would make sense to believe this will benefit everyone in terms of lower mortgage rates. But nothing makes sense in this market. When an interest rate is available that makes sense for you, jump on it and never look back! Look for rates to dip today on market fears but the rest of the week is a total crap shoot. Stand by for special alerts......
Maryland Mortgage Expert
in a nutshell .....
The stock market took it's biggest pounding ever, the stock market rebounded, the bailout was introduced, the bailout was defeated, the bailout was re introduced, the bailout passed.....Jobs losses are the worst in 5 years....Washington Mutual runs out of money, Wells Fargo buys Wachovia, Bank of America buys Merrill Lynch, all of us buy AIG, oil goes under $100, oil goes over $100, oil goes under $100 again and on and on and on.......
Many are now speculating the Fed will cut rates up to .75% later this month, if not before. You would think this is good for mortgage rates but that is not always the case. The MBS ( Mortgage Backed Securities ) market controls the appetite to buy mortgage paper.
Given the bailout passed today in Congress coupled with a Fed rate cut, it could bring back the appetite in the MBS markets and spur mortgage refinancing - which this country desperately needs. Did the Federal Government make the right moves? We will all see next week and maybe even a preview later today. One thing for certain, we are witnessing history before our very eyes. Have a great weekend....
Made it through today ( Tuesday 9/30 ) with three price changes for the worse from numerous investors. The stock market rebounded nicely. I predicted more doom and I must say it was a pleasant surprise. Mortgage rates took a beating as investors left treasury bonds in favor of the stock market. Financials gained big time with the hopes of whatever is going to pass will open up lending.
I am not convinced of this. I am not convinced anything will open up lending unless the government guarantees the loans. I am not convinced today was not merely shrewed investors buying low and looking to dump at a profit. I just don't see any concrete evidence the economy will get better.
I see the market getting antsy tomorrow and ending up down.
Predictions anyone??
Maryland Mortgage Expert
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