On days like today, I am happy. Because my blog yesterday guessed we'd finally get off the lows, and today we have. More bad economic news - jobless claims back above 400K, and housing data that continues to disappoint. We still have a ways to go, but the FNMA 6% coupon is now trading at par in secondary, meaning lenders will be charging a point to get that rate.
I am going to continue to prepare my client list for the final move I expect later this year. I'm talking about rates under 5.5% or even 5.0% one last time. I could be wrong, but being right will be worth so much more - to my bottom line and the financial profile of every client I can help. Have a great day!
5.0% would be dynamite! I'm thinking a lot of things are going to stay level because of the election. If oil comes back, then I will adjust.
I think the market is running against you for now. We'll keep hoping.