Mortgage Blog

First, I think the mortgage rate will go
lower after the next Fed meeting. If the
QE taping is only 10B or 15B less, the
market will react very positively on the
news, and the rate should be better.

BOFA, Wells Fargo, Chase, Citi are all laying
off mortgage originators, underwriters, all
aroudn 2k or 3k-ish. And a friend from the
escrow/title company said that they were laying
off some employees as well. This is the industry
trend.

What puzzles the industry the most is: why the 1%
interest hike kills the industry? The refi business
was gone, purchase business slowing down. Maybe
it is because of the job market is not good enough
and there is no robust economy recovery. Let's wait
and see.

California will rase the minimum wage from $8 per
hour to $10. We will see some pay increase for
some other people. In the past a few years, we did
see the trend of "inflation" on the food and energy,
though Fed kept saying no inflation yet.

It's my first day to get up at 5:30am for a morning
training with a group of runners, all ran faster than
I do. Hopefully it will help me to become one of the
early birds. I completed 7.5 miles with a pace of 8:17.