Wednesday December 3, 2008

We are relocating our office this coming weekend and will have no phone service Thursday and Friday.  I will be working from home and have e-mail access.

With the Federal Reserve creating money to but FHLMC, FNMA and GNMA debt the normal market forces which drive rates are non-existing.  Mortgage rates are going to wherever the Fed decides to drive them to.  We could see astonishingly low FHLMV/FNMA rates.

I do not see this as one of those 2 hour or 2 day refi windows but something that will last for months.

Monday December 1, 2008

It is another one of those days of uncertainty regarding the world economy.  We are seeing equity selling and Treasury buying as Treasury yields are being driven to levels we had never imagined.  Lower mortgage rates will come if 1) investors but MBS or 2) the Fed intervenes to buy them.

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