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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (4493)	8/14/2002 11:40:23 AM
From: Jim Willie CB	Respond to of 89467

4% may be a psych barrier on 10-yr Trez, who knows? / jw

To: Jim Willie CB who wrote (4493)	8/14/2002 12:44:56 PM
From: surfbaron	Read Replies (1) \| Respond to of 89467

JW: locked in this am at 5.875% 15 yr fixed nary cash. I axed the broker if the banks were getting fat on the rates/re-fi thing. He said double what they usually call fat, 1% profit on each loan. So I see this re-fi dynamic stagnating soon after all the re-fis get corraled that return cash positive to mortgagee. The rapture will be clearly in sight when the banks lower their mtge rates in the face of rising bond yields. Thats the mother of all inflection points.