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It's easy to play Monday Morning Quarterback from my laptop, but now that we've seen most of September's data, it looks like the economy is not as weak as was advertised.
Fear shaped market expectations this summer and most of it stemmed from the crumbling sub-prime market. In time, though, as markets always do, that fear got turned into a price, markets found a sense of balance, and life goes on.
This is the way of the credit markets.
Well, now the data on which the fears were based is available, it seems that there really wasn't a monster at the end of this book. The economy appears to be strong, resilient, and expanding -- three sentiments the Fed failed to pick up when it met in September to lower the Fed Funds Rate by 0.500%.
As of this morning, markets can only guess if the Fed dropped rates too soon. But, if next week's data on September continues the trend of expansion and growth, expect extreme mortgage rate volatility leading up to the Fed's two-day meeting October 30-31.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator click to get a free, no-obligation rate quote.
You can also find Dan on Twitter and Google+.
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