Monday Morning Mortgages
Don't worry, I'm not quarterbacking the mortgage market, but I am checking the rates, and calling around. I just ran a Bankrate.com search on a 30-year jumbo fixed rate and localized it to Richmond, VA. I came up with rates anywhere from 6.750 with Amerisave to 7.515 with Countrywide to 8.200 with Bank of America .
A real estate agent in DC -- Georgetown to be specific (so you know he's all about the "jumbo" client) -- says "a lot of people are nervous and things appear to be quiet." He's going to check back with me after the 1p office meeting.
I think it's the uncertainty; no, I know it's the uncertainty. Look, August is not exactly a hot housing month historically anyway. Like December, it's pretty much a dead zone. Still, when a company like Countrywide comes out and says "While we believe we have adequate funding liquidity, the situation is rapidly evolving and the impact on the company is unknown," well that's enough to give a buyer pause, not that they haven't been stuck on pause for nearly a year now.
Couple that with preliminary earnings from Hovnanian, citing simply ridiculous losses and plummeting sales, not to mention cancellation rates edging up. Well, Monday isn't boding too well for the week, but we'll see won't we?
I'll be checking in with the blog a lot today as I get more responses from realtors and mortgage brokers, so keep clicking in. So far, not so good.
Questions? Comments? RealtyCheck@cnbc.com