Hey folks - interesting times in the market. That's an understatement!
Rates skyrocketed over the last week and have just begun to normalize. The unintended consequence of the TARP legislation ( that is the nickname for the rescue/bailout) is that mortgage rates increased due to credit spreads -however, as the credit market begins to "thaw out" we expect rates to normalize.
What does all of that mean in layman's terms - rates are higher rate now but we expect them to move lower in the next couple of weeks.
Rich
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