Fnma 4% bond was UP 28 bps today after the Fed Minutes were released. This means rates could get a little better in the morning. We are well under 5% on the 30 year fixed notes already.
Fed meeting minutes indicated that we will see 9.2-9.6% unemployment and a continued decline in the GDP. Yikes.
The market reacted by seeking relative safety in the bond market.
BIGGER news: there was an indication in the meeting notes that there were members of the group interested in putting up ANOTHER 500 BILLION to buy Mortgage Backed Securities. This could mean low rates for the rest of the year and maybe into 2010.
Dow is off 52 points and Oil closed out at $62
CONDO
For those who know: condos are tough to finance right now. Attached is a little question and answer form set for the condo spot approvals. It is handy to study the answer key. Naturally there are other stipulations with the condos than these...call a professional if you have questions and we will be happy to look into specific scenarios for you.
Have a great Evening....
