I was minding my own business at the office a few years back and was getting ready to lock in a loan at 6.375%, 30 year fixed interest rate. I faxed the lock sheet into the Lender, patiently waiting for the "confirmation" (because back them without that confirmation you didn't have a "valid" lock)! What I got back was not a "confimation". It was a fax stating "LOCKS NOT ACCEPTED AT THIS TIME"! I had just said to my borrower they could get this rate....what the hell was going on! I made some calls, no one knew...! Can you guess! "cigar" , "free willy" "I did not have sexual relations with that woman"!.............
You guessed it, "slick willy" was being a "naughty, naughty boy" and the market got the news, before the rest of us...this is what usually happens by the way! President Clinton was caught with his pants down! Rates were locked up the rest of that day. The next day they were 7.25%! WOW! "Clinton was UP and so were our rates"! The market did settle down over the next few weeks, but you can see that occassionaly something other than "market" conditions can have a serious impact on our world!
The Mortgage Guy
PS next we'll talk about what "usually" moves the Rates! I'm done talking about what 'usually" moves, the Clinton Meister! Hillory might be willing to comment though!
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