I'm still floating mortgage rates, unless my clients are closing within 14 days. I"m cautiously floating because of the volatility in the market. Fundamentally, mortgage rates shouldn't have a whole lot more room to come down; the Fed cuts are probably coming to an end. Something much more drastic than the Fed open market activities will be needed to pull us out of the recession.
Yep. I said the R word and have been since last fall. I'm not scared of the recession; I welcome it. Here's the trick for mortgage rates. The weak dollar has world investors believing that the Fed's easy money policy is inflationary...
UNTIL...
the recession hits them. Make no mistake about it, the economic slowdown is a global phenomenon. Canada and the UK are following suit by cutting rates. I think the world wide recession will lower oil prices and provide some much needed relief to the American consumer.
Nothing says it like pictures. I'll show you some charts, to see how I'm thinking.
American real estate at a bargain. The strong Canadian dollar, while inopportune for Canadian manufacturing firms, is giving Canadian investors built in downside protection when they buy American real estate. I explain that 
opportunity (like investment opportunities) like a plunging neckline
attracts the admiring glances at a healthy decolletage. Employment of
"exotic" loan choices must be used to accentuate those assets while
minimizing unwanted attention. Intent then, is the driving factor. We
want to attract the "proper" opportunities while avoiding those
unwelcome advances.
at homes, on the weekend, banks and mortgage brokerages are closed. Most of the lending professionals are on the golf course; I'm no different. I work hard during the week and enjoy the rest and recuperation the weekend affords. 