Mortgage Market Update for 2/20/08

This is going to be another crazy day in the markets. Just when you thought rates would not go higher, They did!

Two key reports came out: housing starts and CPI...The housing starts were up (barely) and so was the Consumer Price Index. The stock market seems a little slow out of the gate this morning but the bond yield is over 3.9% which means higher rates for us in the mortgage profession. The rising rates have caused the mortgage app volume to drop dramatically for the week ending 2/15 and I can attest to that one personally. Don't rule out refinances yet. There are still a large number of eligible borrowers that need to refi to a fixed rate loan...We just have to find them!

Good Luck!