Blog of the Mortgage

February 5th, 2008 8:54 AM

Well, it's up, it's down: but right now Lock 'em if you like 'em.

If you have been trying to stay on top of pricing like I have you've likely noticed that there is just about too much volatility in a given week to make a sound guess.
Rates? Schmates! And all while Your client is telling you that Wells or BofA retail is giving it away (no really, they practically are).
If you're wondering what's happened today: It was the ISM Services number. Falling under 50 for the first time in almost 6 years! That's big news folks. In case you're wondering. Services includes Hotels, Travel, Restaurants and the like. Remember: these are always the first to hire the first to fire. The minute consumers (you & I) get extra cash flow they love to spend it any where but at home. Mostly because eating out for $50-$100 sure beats the heck out of spending $1000 on a TV or $1500 on a refrigerator.
In any case the number this morning of 44.6 isn't a good indicator of things to come. For those of you who floated in the past week on my advice: here's your chance! Pull the trigger if the stars have aligned. If not and BofA and Wells are digging their heels in well: don't worry this is a sure sign of things to come (IMO) for the next 2 months. Remember: this price pendulum will swing both ways very quickly so don't be surprised if you're quoting my 5.500% @ (.679) rebate and it goes away for a day or three.
Posted by Raoul Badde on February 5th, 2008 8:54 AMPost a Comment (0)
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