This will take a while to really take hold, but rates dropped over 1% in a day.  Think of all the money going to get spent once people have re-financed their mortgages and now have an extra $100-$200 a month to spend because you know that is what the vast majority of people will do with those funds.  Mortgage people are swamped right now with re-fi's.  Very good news for the economy!

I lent my buddy $20, making me the fourth largest lender in the nation.

[quote=anabuhabkuss]I lent my buddy $20, making me the fourth largest lender in the nation.

I talked to our internal mortgage lender, and he said the volume of inquiries has been huge.  He also said many of them are for new-home purchases, not just refi’s.  He said many people are looking at locking in right now, and then going out to find the house that they had put-off for awhile.

yeah, and as soon as everyone finds a job then maybe they can take advantage of the low rates

Looks like Paulson is now trying to come up with a plan for the banks to loan money on mortgages at 4.5%.