People are smart - Give Me A Break!

So I am laying in bed last night contemplating the possibility of the 10 year bond recovering so I can lock the deals of clients who took too long to get back to me the previous day - before the bond spiked the wrong way and the rate I proposed to them vanished.

I see this animated spot come on the TV - " People are Smart" the announcer says. Ok - great ad - I continue to watch.

As a mortgage banker that is connected with rates, the 10 year, what the Fed is saying etc..... I know what rates are available.... trust me!

At the end of this slick commercial it appears..... 30 year fixed rate available at 5%

WOW! - How many people call this national lender who spends billions on marketing these slick ads? How many deals do they do from this advertising? How many clients get the rate quoted them?

Does any mortgage person out there have 5.0% 30 year fixed available today? If so, what would it take? 4 points?

So I ask you - Are people really that smart?