Rate Watch

Another ten Rate Watchers today. Welcome to all of you.

New day, new attitude. Chairman Bernanke's testimony was a mixed bag yesterday, and the markets were slightly disappointed that he didn't have anything to say about waving a magic wand and fixing things, so the Dow declined, but so did the bond market, neither of them very much. This morning the market is pulling back in stocks and rolling over into bonds, and we're getting some of our losses back there. This is a pattern, actually - early in the week we lose ground, then get it back later on. So expect things to move a little to the better today.

Still wavering between 5.875% and 6% this morning on the 30-year fixed rate. Please note, PLEASE note, that more than ever before your credit score is the driver on your rate, even on A-paper conforming loans. The negative hits for credit score start at 740. What I'm quoting is somewhere in the "high-normal credit" range, and there are about 40 different factors determining whether you can get this rate - or a better one. DO NOT go to BankRate.com or see a Ditech commercial and figure that you can get whatever you see there. Especially since you can get a professional to help you without it costing you a dime. There's a reason guys like me are still kicking a year into the worst mortgage market since the invention of money. Use us. That's what we're here for.

Cj

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