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July 5, 2009
NEWS
Lenders held out repricing mortgage rates for the most part yesterday, a few lowered rates, but the day ended with the average at 5.14% (30-Year, most qualified buyer), which was not much better than the previous day's average of 5.19%.
The Buzz
As was mentioned yesterday, stocks dropped immediately following the release of the crushing unemployment information (from the Non-Farm Payroll and Employment Situation report), but they went on to rally a bit in the afternoon and maintained a more sideways movement through the end of the day. Lenders seemed to be on the defensive end and held out lowering rates too much. One lender even repriced for the worst "just to spite us," as one Loan Officer said.
It's not too unusual for lenders to hold off a bit in anticipation of a three-day weekend. But it is very unusual that things were not a lot more volatile in the market yesterday afternoon. It just goes to show you that there is no "normal" anymore.
What This Means to Consumers
The stock market is closed today in observance of the 4th, so we'll start the roller coaster again on Monday. Will the market have a delayed reaction to yesterday's news? Or will they ignore it and move on with business as usual? We'll just have to wait until after the weekend to see.
Have a happy and safe 4th of July!
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