What a summer in the mortgage space! Despite all the gloom and doom about the economy rates managed to stay low and only get lower in a seemingly never ending game of limbo...How low can they go? low 4's, high 3's? Wow what a ride!
Now that autumn is officially here, can we expect a fall? Or more like a fall from this refinance boom high that we are all on. Many originators I have spoken with have been on cloud nine as the rates have remained low and the closings have rolled in. I even saw some walking the Mercedes parking lot..Oh how quickly we forget how quickly it can all change.
My thoughts are not that the end of the world is near...I just think we all need to stay focused and remain calm. Ride the wave, but do not drown in it. We must all prepare for what we will do when the wave settles down and the rates creep back up....Don't get lost in the haze!
My old high school lacrosse coach used to say if you fail to prepare you prepare to fail.
Thank you.. Mr Hoffman, you are definitely right with that one!