May you enjoy and cherish this precious day, and remember what a gift FREEDOM is! We are so blessed to live in a country with the ideals of independence and democracy. The thought of managing 302 million people is overwhelming! No wonder our legislators cannot agree. But that is the beauty of it all! We need balances, so that we can continue to function as a democracy.
As for the mortgage industry, no democracies here! It is Fannie /Freddie way or the highway. We continue to see increased regulation, silently trickling into our everyday lives. More disclosures. More verifications, and ultimately, more cost to the consumer. That is what ultimately will happen. In many cases, it already has.
Why do we think the rates are not lower than they are? If they followed the 10 year bond as in historic past, the yields would be below 5 for sure. But investors are tired (not to mention poor), and they are not going to 'give it away' this time around like they did in 03/04 during the last rate craze. They want profits, and they want them big. What we have seen is a 'no mercy 'attitude from our lenders. No exeptions, no forgiveness, no anything. It is brutal, but we are managing and shielding this from our clients as much as we can, to continue to ensure a stress free transaction!
This weeks letter is short, and as promised last week, more information on the July 30 changes is coming in my next letter. This week was crazy with month end and I dont have all the facts yet. I hope you are off somewhere fun , and relaxing.Until next week.........
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