quick update on the mortgage rate market this AM, it DOES look like we are in for a huge rate drop this week. The mortgage backed bonds have rallied big time this morning and all indicators are on a float rate scenerio...expect 30 fix rates in the mid 5's or lower by end of the week.

Yes, you are screwed if you cannot verify income but this could be the impetus to get a bunch of refi's going along with getting people off the fence on purchases...tough to beat a combo of record low rates and plunging prices...cheers