Financial Update by Maurice Soussé

The weekend is hear and so is Armageddon!! Could it be the end of the world? 10 year treasury bills closed today at 1.47% and 30 year treasuries closed at 2.54% Friday’s flight to safety in the American dollar was spurred by a weaker than expected jobs report sending money from stocks into bonds. A quick move below 1.5% showed the fear of investors in the stock market and caused interest rates to drop to all time low’s.

What does this mean to you and I? You have to brace for a wave of refinances to hit again slowing down the turn times for underwriting. While the majority of our business is purchase transactions, that is not the case with the majority of lenders and the refinance craze will cause underwriting times to increase. While we have been at 30 days for traditional closings, you might now just brace for 45 days. We are not that slow yet, but, just be prepared.

In the meantime, take a look at the 15 year fixed rates. How about 2.75%? Incredible.

This quote from the Dalai Lama hit home with me this week “If you want others to be happy, practice compassion. If you want to be happy, practice compassion”.

I hope you have a blessed weekend. Let us know if we can help in any way.