Low Volume Monday... Selling

It's never fun writing about days like today... not because I fear losses or rising interest rates, although I'd think it fair to say these are not my two favorite things in the world... but simple fact is, there just isn't really going on in our market. Yes we're down, yes, this will lead to slightly higher pricing associated with rates, yes, that sucks... but honestly this is another day of business. Volume is light today, the treasury market is up in yield, and consequently the players that are trading are doing what they do best, following the treasury indicator which is currently whispering "sell."

With volume this low, we can't really look at today as a true indicator as to the direction of our market. I do not expect us to make these losses back today, although a turn in the treasury pricing would turn our market.

Moving forward we have to look to tomorrow for major price shifts - better or worse. That is not to say we shouldn't continue to pay attention to this afternoons trading. If you are currently in escrow and floating, you may want to cut your losses and lock right now. If you do choose to float you should do so with a finger over the lock button. Coming off historic highs we could see a true sell off ensue, and if we do, you'll want to lock quickly.

My clients currently are all locked in if closing inside 15 days, those outside of 15 days are working as quickly as possible to reduce the remaining time left before closing so we can take advantage of a 15 day lock. With that said, every one currently floating does have a specific point at which we would cut our losses and lock. Do you have an action plan for this volatile market?

We are happy to discuss terms with anyone looking for professional advice on home financing.