Typical Monday...But Extraordinary Tuesday!!!

While yesterday was just another run of the mill Monday that brought more bad news, Tuesday is something FAR different. We woke up today with the News that the government is pumping extraordinary amounts of money into Mortgage Backed Securities and other instruments to help bring out economy back to life! $500 Billion of this money is going directly into MBS's and this will bode well for mortgage rates. We are expected to see rates in the mid 5's when these move take full effect. Remember when MBS prices go up, mortgage rates go down. So this is great news. If the past 2 years have taught us anything, we know now to not just sit back and see how it all plays out. The rate drop could very well be here and gone in short order! We just can't predict our markets in their current state even with such a swift kick in the butt like this cash injection! So if you are a prospective buyer or in the market for a refinance, I would get your application in right away! If you are an agent with some clients on the fence, I would recommend informing them of this news! Details of this program along with President Elect Obama's economic plan are still coming out so check back here for updates. There should be plenty of new information as the day and week progresses. This post could get very lengthy if I went into all the details of this, but I know you don't want to hear it. Rates are improving and that is the important thing! After all, we have some applications to start working on!

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Professional Mortgage Group, Inc.