Are you watching the market waiting to buy or refinance?

There are many people who continue to sit on the sidelines regarding refinancing and home buying.   If our economy is truly on the recovery path, mortgage rates even with the massive amount of Fed support, will have a difficult time holding levels under 5%.  To remind readers, the Fed has set aside $1.25 trillion to purchase MBS and to date they have only spent $450billion.  Fed support will continue but they cannot do it all.  It might be time for all fence sitters, in the words of Dan Marino pitching diet food, to get in the game.   If you have been watching the market waiting to buy or refinance, please let us know what you are waiting on?  Do you think mortgage rates will move lower?  Do you feel home prices have further to fall?   Do you think our economy is on the path to recovery or is the current optimism a bear market rally? Either way getting an application submitted doesn’t mean you are locking in a mortgage rate.  Submit an application so you are ready to lock when rates move lower because as we have seen over and over again this year....low rates come and go quickly...be ready when/if they go lower!