I try not to watch too much television except for Grey’s Anatomy, Entourage and waiting for Lost to come back on.  I do watch all the cable news networks and am great at reading the scrollbar and watching the talking heads simultaneously.  I got that down after 2001.

 

However, the news is reporting the rate game all wrong.  The mortgage rates have gone up considerably from last week.  Last Thursday we happily locked folks in at the mid 5% range.  This week: can’t touch that!

 

At least ½ my clients have told me they have heard and believe that the rates are going below 5%.  At least ½ of them want to ride it out because they believe!  Oh, what the media will do to mess up things.  Just because the government says that they are going to lower rates to 4.5% doesn’t mean the banks have to do.  It is a game of “you can’t make me!” Further what the banks are doing is adding additional risk layers onto borrower requirements.  Meaning if you could have gotten a mortgage last month, you probably can’t qualify for it now.  So, the government says this is what we are doing and the banks have to do.  The banks say, we will try and then say….we tried but nobody qualified for the loan. So sorry. Should I say I told you so now or wait?

 

The media seems to be ruining everything for everything lately.  Perhaps if we did not have 10 news networks with 24 hour coverage, they would not have to fill in so much time.  By the end of the weekend, I am reciting the CNN scrollbar by heart.  Get your facts straight and knock it off!

 

Dale Siegel