FHA Loan

If you are the average homeowner your probably getting sick of hearing every few months the catch phrase “historic low rates”. It’s about as common now as your local furniture store going out of business every other month. But as Mortgage Professional, we really do need to alarm people of every small window that opens up. Rates really are phenomenal as of today. How long that will last we do not know. If your a homeowner playing the market game, there comes a point where you need to pull the trigger and now is that time. Mortgage Bonds are trading higher and gaining back some of yesterday afternoon’s losses. Helping Bonds were alarming comments from European Commission President, Jose Manuel Barroso, who warned “it is clear that we are no longer managing a crisis just in the euro-area periphery” – meaning that the Greece debt crisis has in fact spread. He went on to say that a “rapid re-assessment of all elements related to the EFSF (European Financial Stability Facility) and concomitantly the ESM (European Stability Mechanism)” – meaning they all need to re-think the EuroZone rescue plans. The problems continue to get worse in Europe with seemingly no end in sight to the uncertainty – hence the reason why gold is trading at nearly $1700 an ounce. Stock markets are lower as investors continue to fret over weakness in the economic data that has been hitting the wires in the past month. The S&P 500 Index is trying to remain above its support level of 1,249. If prices fall beneath this floor, Stocks will attract more sellers and this could help Bonds.