Are You a Mortgage Idiot?

This is a question that can be answered easily today.  It is one that you need to ask yourself (or the mortgage professional you are working with) before more damage is done.

Mortgage idiots, despite knowing better (or not) focus on today’s headlines, last week’s data, yesterday’s data, and even the 10-year Treasury Note.  They have no clue exactly how stupid they are, and they will cost you a ton of money, today being a very good example.

Why?  Take a look at the headlines the last two days and what the 10-Year Treasury Note did today alone.  Headlines have been running wild, informing the world that mortgage rates are dropping and mortgage applications are on the climb.  I even had a client today that read those headlines and asked me if it was a good time to refinance today because they had been listening to the news about how rates were going down.

The 10-year T-Note, a very popular gauge used by mortgage idiots who will simply never get it, was up 81bp today.  So, mortgage idiots across the nation, many whom other media and idiots give respect, were giving erroneous advice to their clients.  In fact, they were so far off, they cost their clients thousands, tens of thousands, or even more (over time.) 

How so?  Mortgage bonds tanked this afternoon, actually dropping 103bp on the day, a huge move opposite of what mortgage idiots were saying.  Instead of mortgage rates dropping, they were climbing around .25% just today.  That puts mortgage bonds down 312bp in just 4 days, pushing mortgage rates through the roof!!!!

See why I call them mortgage idiots?  Actually, that is an understatement to say the least.  They shouldn’t even be allowed to be in business as the do more harm than good to the consumer.  The bigger question is whether or not you are one.  If you are, there is still hope as you can change.

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