The global stock markets fell all around us today. China (Shanghai) down 9% and the Dow fell 416

points. That is huge!! What spurred this? Fear of the China and US economies slowing down, over inflated markets and consumer confidence down. Funny,

the day before the China markets reached and all time highs and our confidence levels were measured as very high…….Oh yes, and Greenspan mentioned

during a paid post career speech that we could in for a recession. I hope they served lobster tails for this price paid. So confusing.

     I, of course, am the original chicken little,….the sky is falling …the sky is falling……. My lovely stock broker has Stop Orders placed on most of my holdings, so I did not work up a sweat. Did you? Enough about them, let’s talk about us. What will rate be

tomorrow?

     What will rates be tomorrow? I hope them to be lower. The 10 year bond yield settled down 11.8 ticks to 4.513%. Now, this should have lowered the mortgage interest rates twice today. NOT ONE of my lenders sent me a revised rate sheet!! I know that the banks are greedy on the spread, but they could have given something back!! The only thing I can think of is that they are waiting for tomorrow to see if the markets give some more.The lowest rate I saw today was 6.125 on a 30 year fixed conforming (0 points). Watch, be informed and wait!!

– Dale Siegel