If you've never seen a 7% mortgage rate, you're probably not alone
because most loan officers in the business today have not seen a 7% rate.
We haven't seen these rates since 2001, so most people in the mortgage business today
haven't been in it for over 20 years, and that's why I'm doing this report.
Here's where mortgage rates are right now as we sit, but the
Mortgage-Backed Securities market.
Still continuing to get hammered.
So you can see across the board we have we, we have rates up about an eighth.
Let's look at focus in on the 30 year fix we're, it's 6.87, so ba
basically an eighth away from 7%.
I got some bad news or additional bad news to show you.
Here's what's going on in the MBS market.
So if you follow me on a daily basis, you understand what's going on here.
If you don't, you're a newbie.
Here's what we follow on a daily basis.
This is the mortgage backed security, a bond that trades on Wall
Street, where you're seeing on your screen is the price of that bond.
Okay?
It's the mortgage bond.
The component on this the yield on this bond is the biggest piece, or the
biggest part of your mortgage rate, or the yield on your mortgage rate.
Okay?
So as the price goes down that you're seeing here 1.58 down.
That means rates are going up and they're going up quite a bit.
Let me put this in the context for you.
We haven't had these rates since 2001.
I've been in this business for 33 years.
I've never seen a one-day move this dramatic a 158, even in 2008.
2010, 2011 when foreclosures basically were running rampant.
We never had an adjustment this big in one afternoon.
So that is gonna float over to the mortgage rates and you're gonna
see mortgage rates topping at least minimally 7% across the board.
But let's go over and put some of this into context.
Wouldn't the world's going on?
You can see the Dow Jones is getting hammered.
It's down
a hundred and some points in the new closing for the record lows and
all this other stuff, So there's not only bad news in housing.
Let's get to some other things.
You have a scheme in New Jersey, people just swindled $100 million.
Dollar is actually raising in value.
But let's go down through here.
Let's just put some of this into context.
Feds commit 50 million to for profit nuclear fusion companies.
Okay? I'm not saying you shouldn't.
But you shouldn't right now with the situation, we're in.
So that's number one.
Biden student loan relief, It's gonna help millions of people.
Unfortunately, we, the taxpayers are gonna be stuck with 400 billion with a
B of paying for other kids' colleges.
Is that fair?
Eh?
You guys decide and remember the elections right around the corner
and then you go through consequences.
Russia now saying that they might use nuclear weapons.
Trump's under investigation again, and then look at the last
thing, and I'm gonna stop it here.
When I, when Citizens United, it was something that was approved
years ago by the Supreme Court that basically made it this way.
That they're saying that you contributing money to a
politician isn't really anything.
The money doesn't actually make a person change their mind or make them do make a
decision that you're wanting them to do.
It's just showing them.
That you like 'em, okay?
That's what they basically said.
Why are so many politicians, if you look at 'em, why don't so many politicians have
a career at Washington DC and they make about a 100-150 grand a year?
But you ever notice, you ever look up, Just look up some of their net worths.
They're all worth like 50 or a hundred million dollars.
I don't know about you, but I've made a hundred grand or more over
the last 10, 15 years, and I'm not
50 million.
I don't have a 50 million or a hundred million portfolio.
How do they do it?
Maybe they should share their financial advisors with us.
So I just wanna give you some context is how screwed.
Everything is, so if you think it's just housing, it's not, It's every piece of
the puzzle when it comes to government and spending and just a ton of other things.
So I won't ramble on much more than that.
Just wanna let you guys know, the live cast rate here that we're
seeing on the MBS Market is now showing it is down 119 and on the
Fannie Mae 35.5 is down 119, and the MBS 5.0 is down 153.
We are getting clobbered folks, so sorry for the bad news.
If you're out there and you're working on, you're building a house and you
really want to keep, continue to buy that house, please reach out to us.
Okay.
If you're forced and you need to buy a property right now, you need preapproved
or whatever, we would love to help you.
We are actually federally chartered at this point.
We can help any clients throughout the whole country.
So if you have questions you're not locked in and you want to, just kick
the tires and see where you qualify.
We would love to help you.
The best way to reach out to me and my team, or to find out more about
me is to go to TheRateUpdate.com.
You're gonna find all the information there that you need to contact us.
So God bless guys.
Thanks again for watching.
Sorry for the second video today, but I just wanted to advise you guys rates
continue to get uglier and uglier.
So don't for, don't re forget that we will be having a live event
tomorrow to discuss the 2008.
Versus the 2022 market, the similarities, the differences, and answer any questions
that you guys have onto maybe why what?
And I'll be here to answer all those why questions.
So thanks again for watching, guys.
God bless.
Have a great day.
See you tomorrow.
Bye bye.