With so many things happening in the market this week, we are recommending that you lock your rate as soon as possible if you are currently in the application process.
When emotion drives a market like it is now, it is better to be safe than sorry.
Some of the market moving highlights of the week include:
The Treasury may soon be buying ownership stakes in banks
The Fed starts buying (an unlimited amount of) commercial paper
The Treasury is said to be preparing term sheets to inject capital directly into individual banks.
Hopefully next week our crystal ball looks a little clearer, but we are not counting on it!
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When will we hit the bottom?
@David, Hmmm. This is a very difficult question to answer — BUT — if I had to guess, I think that the financial markets will begin to show signs of stabilization later this year/early next year and that will help stabilize home values. When will home values start to climb here in Arizona? I don’t know for sure, but probably not this year.