12.03.15-Getting roughed up a little in the markets, government loans not getting hurt as bad. Please lock your loans today.
EU Draghi opened the morning with their direction of using QE and US Markets didn't react well. And Yellen is speaking to Congress, results to follow. Mortgage Backed Securities have moved negative this morning, movement is substantial. Almost a months worth of change in the first 3 hours. Things will calm some towards the end of trading today, I warn to lock because tomorrows job numbers if reporting is "at" or "over" expectation this will cause further erosion. Rocky days ahead until the Fed Meeting on Dec. 15-16, but this spike could calm the Fed into holding off on rate hike. We will need a sell off in stocks for this to come true soon. A lot different opinions on whats next, so stay tuned.
Conventional rates moved the most, while government loans are up slightly they don't react as fast to change. Check your clients locks, ask to get locked and if you feel they are taking advantage of this to earn more on your clients, call immediately 314.607.8551 or send Loan Estimate & Closing Estimates to mike@iknowamortgageguy.com , I will give you immediate answers.
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