What We're Hearing

First off, let's look at one of the key positives of today's jobs numbers. Drum roll please: with the employment picture looking bleak (is there really any other way to view it?) it's highly doubtful that the Federal Reserve will hike interest rates any time soon. And that's good news for both mortgage bankers and homebuyers. Yes, I know that late Thursday reports were circulating that three top Federal Reserve officials said it may soon be time to begin raising rates as the economic recovery in the U.S. gathers steam, but I'm telling you it won't happen until the job picture brightens in the private sector. End of story. When it comes to new mortgage applications, it's all about jobs. When it comes to predicting home delinquencies, it's all about jobs. Meanwhile, one research firm said today that when you count the "shadow inventory" the supply of homes for sale is really 20 months, not the 9.6 months number. If mortgage rates climb you will see that supply number spike...