Day one? We have over 18 months of deteriorating RE market, which already pushed few states into recession (like California), how come today is the day one?
Today Countrywide published their new matrix of mortgage quotes. Suppose you are a successful doctor with solid income, huge pension account and almost maximum credit score. You want to buy a new primary residence for, say, $800k (which would be very, very modest 3 bedroom home in may area). You are putting 20% down and can show 2 months worth of payments on your checking account. Obviously you document your income, this is a full-doc loan.
What is your rate? It will be 7.9% for 5/25 ARM loan.
Now the real estate game is over, whatever happened before today was just a preparation for what will happen next