China mentioned to Tim Geithner that the US dollar will remain as the global currency for a "long time" and this is good news.
Bank of America spokesperson mentioned that the FED will likely increase its purchasing of mortgage backed securities to keep rates in check for now.
Homes under contract has increased for the third month in a row! This means that there ARE buyers taking advantage of federal incentive, the LOWEST prices we have seen in YEARS AND the record low interest rates.
30 year Rate sitting at about 5.25% range today...after getting worse this morning.
Oil pushing $70/barrel...
FNMA 4% is UP 9bps with a few hours of trading to go. Rates will hopefully stick for tomorrow. Interesting note: Yesterday there were 6 billion dollars worth of Mortgage Backed Securities for sale...and the FEDS have been purchasing about 5 billion dollars worth per day. Remember that when these are selling readily: rates go DOWN. When people are not buying: rates go up.
Have a great day!
NOTE:
Myself and many of my team members have been invited to participate in a SPECIAL training in Seattle. I am REALLY EXCITED as this is an exclusive event.
I will personally be out of the office this afternoon and tomorrow. My local processing team IS AVAILABLE for questions, referrals etc.
