My excuse for not being online is that Chicago Cubs tickets were available for pick up today at Wrigley. I had a nice drive down to the baseball Mecca and am working on my client / referral source invite list. Who is worthy to attend the games with me?

I'll only go party in the stands and entertain! If I want to go see some REAL baseball, i just head south about 8-10 miles!!!

I'm too busy being torn between rooting for the stock market or MBS ;-) One is my food money now and one is my retirement for food money later..

I hate to use the "long time reader, first time poster" cliche, but it does kinda apply in this case. I really enjoy the commentary on here and usually read the posts to get a more accurate, up-to-date view even though I may not understand it all, then go to the "mortgage info for dummies" section to understand what it means the next day. I did an RSS feed on this site back in November when I found it shortly after closing on our house. The rate we got wasn't the best at the time (6.5 for 30 yr fixed), but we were told we'd be getting a free refi after 4 months (I believe this is called streamlined?), so it wasn't a big deal. I asked our LO back in December if we should lock the rates while they were really low, but he mentioned it would be more expensive to hold for such a long period of time, it might actually not be worth it. Wasn't exactly sure what he meant but went along with it. After watching rates unfold lately, I'm not sure how it would have all played out, but maybe I should have locked back then. Hindsight is 20/20 For now, I'm watching to see what happens because I think the risk will pay off, and our time has not come up yet for the refi. Hopefully the "stars align" as commonly stated here.

I went shopping 'cause I got paid........and I have been bisy taking apps. Still loyal!

MBS tanking

ADAM, I think they are changing professions. Some refi business is good, but would love to see some purchase action. My purchase deals are slow, and loan size is smaller. I am hoping the $8k will spur people on. If I were a FTHB, there is no better time, soft real estate market, tax credits and low rates. We need these guys to push the others up the food chain.

GNMA 4s off 28

no reason for the stock market rally today.....Citi's announcement that they have been profitable the last couple of months is really hard for me to swallow......why/ how could they have been profitable for the last couple of months. We (tax payers) just gave them billions of dollars weeks ago. they are either counting this $$ as profit, or they didn't need the funds to begin with.....so, which one is it?

I think part of the reason is the lack of fear. When mortgage rates were accelerating upwards rapidly, everyone needed some advice on what to do.

OMG! MBS is really tanking! Worst day we've had in a long while.

MBS does not really seem that bad at all today. -6/32 at 4.5% and +2/32 for GNMA. with the 10 year now at 3%.

Gloria, where ar eyou getting your numbers?

Busy calling clients to lock. Got 5 off the float boat that were cleared. All scheduled for this week. PHEW. Some still are holding out. Called one guy today that wouldn't budge. Offered 4.875% no points in New York. He is cleared and can close in 2 days. He is waiting for 4.75%. All this on a 240k loan amount. Talk about the wrong move. I did all I could do to convince him. He is in the 6's curently. I guess you can't make the horse drink.

9 LOCKS AND 4 FLOATS... 20 FILES DEAD DUE TO THE RATE SPIKE AND GUIDELINE CHANGES... 7 FILES DEAD DUE TO BORROWERS JUMPING SHIP FOR LOWER RATES...EVEN WITH MY .25 PROFIT MARGIN. I'VE CLOSE 40 SINCE THANKSGIVING THOUGH...WHEW... I THINK ID RATHER LIVE IN THE JUNGLE AND EAT COCONUTS... WORKING TWICE AS HARD FOR HAVE THE MONEY. WHO IS JOHN GALT?

been focusing more on purchases than refis last few weeks and had 4 go under contract and lock in the last week--maybe a good sign that people are realizing that low prices/low rates won't last forever...also had one jump on purchase based on the tax credit...2 more purchase preapproval apps today shooting to make offers this weekend...

Is the MBS Tanking as bad as it appears?? Per Adam's post earlier "Today is Class A notification day...this is setting up to be a non-event as many accounts have already rolled to the April coupon. The switch from the March coupon to the April Coupon will result in MBS prices falling 8 to 12 ticks (this is called "THE DROP")...do not fret this a normal function of the TBA MBS market. " .... so is this "drop" now accounted for in the .18, .15, and .17 drops we saw at end of day in the MBS market on the FNMA 4.0, 4.5, and 5.0 respectively???

Ray - those coconuts are not always easy to open. At least you still gaining skinny samiches in the mortgage world and can turn on the lights. Adam - On the slow traffic side - the majority of us all locked last week and are most likely pushing paper. I know that most of the loans I locked last month are closing within the next 7 days. Also gaining new apps here and there.

GNMA on the day >>>>>all down>>>>>>>>>>>>>>>>>>>>>>> Cpn 15 Years 30 Years >>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 3.5 98.20/22 .17 96.20/22 .28 >>>>>>>>>>>>>>>>>>>>>>>>>> 4.0 101.18/20 .17 98.14/16 .28>>>>>>>>>>>>>>>>>>>>>>>>> 4.5 102.22/24 .16 100.25/27 .21 >>>>>>>>>>>>>>>>>>>>>>>>

What is going on with the $729,500? From what I hear Wells is in place right now. Anyone hear different?

where is that Fannie Mae property identification tool? Didn't I read about that here?

Forgot all about class A notification day. Thanks for the reminder, Mitch!