Philadelphia home buyers should float conforming loans and lock non-conforming amidst this ‘liquidity crisis.’ Bonds are trading slightly higher today in response to the continued stock market decline. However, the volatile market can change quickly and dramatically so a watchful eye is required at this unstable time for any floating conforming loans.
The news today includes the ECB (European Central Bank) unloading another $83 billion dollars into the European banking system after loaning $131 billion yesterday. The Fed also responded by pumping $19 billion into the economy today after $24 billion yesterday. These actions are attempts to calm investors’ fears of a liquidity problem and stabilize the global financial markets.
In related news, the Fed is now expected to cut rates come September or even before then in response to this global credit problem. Traders are putting a 33% chance that the Fed will cut rates prior to September 18th. The last time this occurred was on September 13th and 18th 2001, in response to the events on 9/11.
With these historically changing markets, we strongly recommend our customers to lock all non-conforming loans.
By, Joe Brady
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