July 8th, 2011 11:14 PM by Eric Fang
Yes, the empoloyment data is not good, and the stockmarket is falling and the bonds are ralling and the mortgage rate is getting better.
But the lenders are "holding" the profits and wantsto have the "loans in progress" closed.
Here is the updates for the "Low Appraisal Value, goodor bad"? One more seller is willing to lower the priceof 10k; and another buyer is still negotiating with the seller for lower pricing, and they may be able to get itas well.
Some borrowers are getting concerned about August 2Debt Ceiling Deadline. They are afraid of higher interest rate. So they are locking the loans now, like 15 yr fixed3.75%; 30 yr fixed rate of 4.5%. Though they are not at the best level, it's indeed a good way to protecting themselves.
One mortgage veteran wrote a column about the ugly pictureof August 2 if the Debt Ceiling not passed: unemploymentrate shoot to 20%; interest rate to 10%, stock market will be down about 30%, etc. Personally I think he is just joking, and I don't think it will happen. If it does happen, it will present us lots of opportunities, either on the stock market or the mortgage rate market.
So are you ready for August 2nd?