quick hits, rates and reality

It's good to see that rates have come back down. As predicted, they will go up and swing back down. It's just harsh and sometimes scary to see how violently they can swing these days. As anyone who's working with us currently, we've just experienced a half a point swing in rates. luckily we're back to where most borrowers started. it's just a wild ride and i encourage you to jump on but buckle your seat belts :) !!

And now for reality. Not REALTY, but reality. I had a long conversation with my brother in law who is a higher up in major east coast diner chain. Quality resturant with upper diner food and costs. Not a Waffle House but not a Jeri's deli. Bottom line is that they're a good representation for what America is. And we spoke about how business is slow. The reality is that Main street still seems to be suffering while Wall street is talking about recovery. I don't know if this is just the nature of the world and the money will trickle down eventually but people are still broke.

We're all watching our money closer these days. I think if there is any sentiment that people are going by, it would be acceptance. Everyone knows we in hard economic times. There is no one thinking that they're imune to what's going on. With acceptance many people are not as scared to spend some money. Hell, eventually you have to buy stuff. It just now people are more picky on what they buy and when they'll buy it. And if you go out for a nice expensive dinner, you're probably bringing in lunch to the office the rest of the week. Don't be fooled, acceptance isn't the same as recovery. I feel that the pundits we see on TV and the internet report from the view of Wall Street who hasn't missed a beat. They've got government money to play with.

As for the mortgage business and rates, all we can do is jump onto the roller coaster and hope we can jump off at the lowest points. We've seen a half a point swing up and down on rates this last month.