Failure of the Day: Escrow: The 30-Day Christmas Eve—Week 2

This is the week we learned that we had missed out on the low, low interest rates that we had heard so much about. Six days before Erin submitted all our info to the lender, mortgage rates jumped by one-half to one full percentage point in a single day. Erin advised us not to lock in a rate and float a rate, betting that the markets would correct in the next several weeks.

And would you listen to me spouting off about the rates market like Michael freaking Bloomberg! And that’s because I’ve been watching the Bloomberg financial channel obsessively. I’ve never watched financial news shows before (duh) and I barely understand half of the vocabulary, but even I can tell that not a soul on the TV has any idea what’s happening or what any of us should do. They should all totally be wearing silk scarves around their heads, and we should have to slip a quarter in a slot to get them to print out their advice on little cards they spit out.

My problem is there’s nothing to DO anymore. When we got 35 emails a day keeping us appraised of our various in-progress documents, I felt busy and engaged and actively participating. Now it’s all out of hands and we can only wait. And there are a LOT of shows on the Bloomberg channel. Our condo-to-be passed both appraisals, and the loan application was submitted and we should get our approval in 7 days knock wood.