I really cannot… I highly believe that real estate and financing should be 100% sperate. I think there is a huge conflict of interest and real estate brokers doing loans is as bad as mortgage brokers doing real estate.
So I get alot of different stories from the mortgage brokers and lenders alike when I chat with them regarding the rates and climate. Unfortunately I only do real estate so I cannot comment on the validity of the postings on the Countrywide rates moving up.. Also I don’t have any daily updates…sorry if I am weenie-ing out on you.
My opinion is that the rate sensitivity to the individual strength of the buyer will be greater then it has ever been. Also we need another few weeks to let the pre secondary market loan approvals get through the system so that we can see what the new baseline looks like.
Also I think Chris S had a very valid post that there has been an overreaction to the crisis and that indeed it will calm down. I think this makes sense… but I have this queasy feeling that if the 10 year moves then they will not go down… also more queasiness that if there are more reports of hedge fund failings and secondary market problems that we will see more knee jerk reactions…in short it is to volatile right now for me to project.
I know your question is really intended to validate the current conditions or shall I say the lending conditions and rates as we move forward. I think that major changes are here to stay. Bubblehype may indeed have snuck in under the wire and some lenders may indeed continue to offer some good programs for well qualified buyers. Remember we are still 50 basis points below the June figures for the 10 year. I have a 2 buyers right now that are motivated and another smattering of buyers that are very selective and taking their time. The 2 that are motivated, one is cash and the other is not so the one that is not, once they get closer to finding something they like, I will coordinate closer with their mortgage broker to see what the rate is that they will be getting and keep you abreast.
One thing that would be super cool is a rate monitor where the PAR values of a few different loan programs were posted by a mortgage lending professional… PB or HLM?
