Wow! What a ride! Since the fed dropped interest rates 3/4 point yesterday, the markets have been on a wild ride. In chatting with several trusted mortgage originators, most attempts to lock loans were met with either an overloaded system or the lenders just shut them down. At one point mortgage rates were under 5%! Talk about a volatile day!
Here's what Rhonda Porter had to say in a response on the Seattle Real Estate Professionals Blog earlier:
Posted by Rhonda Porter at 1/23/08 4:25 p.m.
Greg, I had the same experience! It was so frustrating. I'm still getting back to people (I'm just taking a quick blog break for my sanity) with GFE's that are higher than they anticipated.
With how crazy today and yesterday have been...there's no reason to think tomorrow may be any different. Since we ended on a high with the markets...I'm wondering if we'll have some profit taking and perhaps some lower rates tomorrow.
One thing I do know is that next Wednesday the FOMC meets and then we have the Jobs Report on Friday. Both of these factors significantly impact mortgage interest rates.
Buckle up kiddies!
There you have it. Buckle up kiddies!
You can see Rhonda on her own blog, The Mortgage Porter (one of the very best!)
This was the possibly the oddest day in my 8 years of being in the mortgage industry! One lender that we work with issued 6 different rate sheets (3 would be big in one day from a lender).
We started about 0.25% lower in rate in the morning from the previous night and ended 0.375% higher than where we started today.
We shall see what tomorrow brings!
Posted by: Rhonda Porter | January 23, 2008 at 06:10 PM