My friend Mike Caputo (who is the best lender in town) over at Countrywide sent me this piece below, I thought I’d like to share it.

Returning from a long weekend, investors were greeted on Tuesday with the surprising news that the Fed had lowered the Fed Funds rate by a huge threequarters of a point. What followed was two days of extreme swings infinancial markets as investors tried to figure out how to interpret theFed’s move. Fed Chief Bernanke cited increased risks of slower economicgrowth as the reason for the rate cut. Fearing a recession, investors soldstocks and bought bonds on Tuesday, temporarily pushing mortgage rates tothe lowest levels since the summer of 2003. The trend looked to continue onWednesday, but sentiment reversed midday. The Dow Jones stock index rosefrom a 300 point loss to a 300 point gain, while mortgage rates unwound allof Tuesday’s declines. Mortgage rates ended the volatile week a littlehigher.

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