I recently inquired with Alex if I could post on theFrontSteps. I have written in the past, actually have a degree in writing, but more than that, I think this site is well thought, well done, and has gathered a nice following. My
name, TheBanker,
says it all. I hope to provide insight, a different twist, and perhaps a bit of truth and reason. Alex has warned me, so, my disclaimer, these are just my opinions, period. Now, on to it. . .enough with the intro.
Now the Shame of it all. . .
Rates are strong. Company earnings this week have forced money out of the stock market and into treasuries causing a drop in the 10 year yield, thus affecting mortgage rates. These days, there is no rhyme or reason in pricing loans, or what we call around here; RISK! So, rates are strong and a slim number of the population can afford to buy(down payments), refinance(income,etc), or eat dinner out. We have been completely stalled by the current state of the market and all the while interest rates are still at fantastic levels and we are running out of time for the Jumbo Conforming Loan changes. . .this is currently $729ish and will be reduced to $625ish.
One last blow. . .E loan is now gone and Downey Savings, one of the negative amortization kings, is also gone. Lastly, Gateway Bank wholesale has also left the building.
My point; rates are good, property is moving at so called “deals,” and we are running out of time!