The Volatility of the Market

If the Fed hikes on May 3rd and signals a pause, what that does imply is cap prices should be coming down over the summer. Two times in the last week, the 10 year treasury has tested 332, which is the bottom end of the range. I don't think it's going to break through 332 without some sort of implosion. So for our customers, we're saying to them, if you're considering locking, unless you absolutely believe the bottom is going to fall out, you're at the bottom endof the range.