Dear Friends and Clients,
There has been another significant change in the market place so I just wanted to bring you up to date. The last 30+ days the market has slowed dramatically. I believe it is a reaction to the large jump that interest rates have taken in the past weeks. At this time a 30 year fixed loan is at 4 ½ % just weeks ago it was 3 ¼%. I think that just like when the gas prices took large jumps people reacted by changing their driving patterns and buying as little gas as they could. Gas was $3.25 a gallon all of a sudden. Then $3.50. Now those prices look great to us as gas is over $4.00 at the pump today.