MICHAEL's Mortgage Blog

Mike Carew's Mortgage Market Guide 5/14/08

Michael Carew — Fri, 16 May 2008 11:48:55 -0700

Provided to you Exclusively
By	Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Cell: 201-906-0050
E-Mail: michael.carew@njlenders.com

For the week of May 12, 2008 --- Vol. 6, Issue 20

Last Week in Review

"TALENT WITHOUT DISCIPLINE IS LIKE AN OCTOPUS ON ROLLER SKATES. THERE'S PLENTY OF MOVEMENT, BUT YOU NEVER KNOW IF IT'S GOING TO BE FORWARD, BACKWARD, OR SIDEWAYS." H Jackson Brown Jr. And just like that strange visual of an octopus on skates, so goes the volatile Bond market in recent days - and last week, Bonds and home loan rates skated around, but ultimately closed out the week very close to where they had begun.

Bonds and home loan rates ended the week on a sour note, but had spent the early part of the week moving sideways and slightly higher on a blend of mixed economic news and action in the Stock market. Grim news arrived from insurance giant American International Group (AIG), who reported an enormous first-quarter loss of $7.81 Billion or $3.09 a share, compared with earnings of $4.13 Billion just a year ago. The important part of this loss is due to write-downs on Mortgage Bonds, which tells us that the credit crisis is not yet entirely behind us. On these negative headlines, Stocks moved lower and money flowed over into Bonds, helping home loan rates improve.

By Thursday, Bonds were looking good and holding their ground above several floors of technical support, as the weekly Initial Jobless Claims numbers were reported at 365,000, slightly below expectations of 375,000. The more closely watched four-week average of Claims edged higher to 367,500. This not-so-hot read on the labor market helped Bonds and home loan rates continue to improve.

But then on Friday, Bonds gave back some gains on news of oil hitting $126 per barrel - and the inflationary effects of high oil prices is bad news for both Stocks and Bonds. Oil prices are reaching exceptionally high levels, and may get higher still. Read on for where oil prices are forecast to go in the future - and what it means for home loan rates.

AND IT'S NOT JUST FILLING UP THE TANK WHERE YOU'RE SEEING PRICE INCREASES...IT'S WHEN FILLING UP YOUR BELLY AS WELL! THAT'S RIGHT, FOOD AND DRINK PRICES ARE ON THE RISE IN A BIG WAY. CHECK OUT THIS WEEK'S MORTGAGE MARKET VIEW FOR SOME MONEY-SAVING TIPS!

Forecast for the Week

After last week's thin economic calendar, where Stock market action and technical factors had a big impact on Bonds and home loan rates, this coming week brings a much juicier economic report agenda.

Retail Sales for April will be reported on Tuesday, followed by Wednesday's Consumer Price Index (CPI). This widely watched measure of consumer inflation will take special significance, now that the Fed has signaled their current rate cutting cycle may be at an end. On Thursday comes a read on the new construction housing market, with Housing Starts and Building Permits. We will have to see if these reports can keep Bonds above their 50- and 100-Day Moving Averages...as seen in the chart below. If the reports are economically weak or negative, Bond prices and home loan rates should hold their ground, and perhaps even find some improvement.

Remember when Bond prices move higher, home loan rates move lower...and vice versa. And right now, there's an important story breaking that will be very important to stay tuned in to. Last Friday, oil prices reached a lofty $126 a barrel, and Goldman Sachs is forecasting that black gold could rise even higher, perhaps as high as $150 - $200 a barrel in the next twelve months. If they are right, the inflationary effects of high oil prices could pressure Bond prices to move lower, causing home loan rates to move higher. This will be a story to watch carefully in the days and months ahead.

Chart: Fannie Mae 5.5% Mortgage Bond (Friday May 09, 2008)

The Mortgage Market View...

RISING PRICES NOT JUST AT THE GAS PUMP...

If you've noticed your grocery bill getting bigger lately, you're not alone - and it's likely not because you're eating more. According to Rising Food Prices: Policy Options and World Bank Response, global wheat prices have increased a whopping 181% over the past three years - and overall, food prices have increased by 83%!

Concerned? You're not alone. A recent poll showed that 73% of consumers cite higher grocery bills as a concern; with nearly half saying food inflation has caused a hardship for their households. In fact, food prices ranked just below record-high gasoline prices on the list of things people are worried about.

According to Gregory Karp, author of Living Rich by Spending Smart, here are three simple ways you can save when it comes to food and drink prices:

Time your grocery shopping. With the exception of milk, eggs, and bread, most grocery store products are put on sale at least once every 12 weeks, as Karp notes, often for "20%-30% their usual price." So instead of buying what you need every week or two, stock up on non-perishables when they go on sale. It may take a little planning ahead on your part, but the annual savings is substantial. As Karp writes, "The average American family of four spends about $8,500 on groceries each year. Trimming that bill by 20% saves $1,700."

Make eating out a special treat. Enjoying a nice meal out is always a fun thing to do, so let it be just that, a fun thing to do rather than a solution for being too tired or too rushed to cook. When you do have the time and energy to cook, make two or three times the amount and freeze the extras. Then, when you're rushed, a home-cooked (and probably healthier) meal will be waiting in your freezer, and will likely take less time to reheat than a night out or take-out delivery. And you will save more than time: According to Karp, "A restaurant meal for two costs $30 even at inexpensive chain restaurants. Home-cooked meals typically cost half as much, if not less. Convert two restaurant trips into two frozen homemade dinners each month, and you will save $360 per year."

Don't buy bottled water. Believe it or not, recent tests have shown that bottled water and tap water are pretty equal when it comes to safety and taste. For example, ABC News tested New York City tap water and bottled water for bacteria and found no difference in purity. Plus, there are environmental benefits of using less plastic. Karp estimates that people who drink one $6 case of bottled water each week can save $311 per year if they stop buying bottled water. He notes that "tap water costs five cents per gallon, or less than two cents per equivalent case - about $1 for the year."

Hey, if you eat...rising food prices impact you. Use the above tips and suggestions to help minimize your concerns about rising food prices, and stay healthy and smart.

The Week's Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of May 12 - May 16

Date	ET	Economic Report	For	Estimate	Actual	Prior	Impact
Tue. May 13	08:30	Retail Sales	Apr	0.0%		0.2%	HIGH
Tue. May 13	08:30	Retail Sales ex-auto	Apr	0.2%		0.1%	HIGH
Wed. May 14	08:30	Core Consumer Price Index (CPI)	Apr	0.2%		0.2%	HIGH
Wed. May 14	08:30	Consumer Price Index (CPI)	Apr	0.3%		0.3%	HIGH
Wed. May 14	08:30	Crude Inventories	5/10	NA		5654K	Moderate
Thu. May 15	10:00	Philadelphia Fed Index	May	-20.0		-24.9	HIGH
Thu. May 15	09:15	Industrial Production	Apr	-0.2%		0.3%	Moderate
Thu. May 15	09:15	Capacity Utilization	Apr	80.2%		80.3%	Moderate
Thu. May 15	08:30	Empire State Index	May	1.0		0.6	Moderate
Thu. May 15	08:30	Jobless Claims (Initial)	5/10	365K		365K	Moderate
Fri. May 16	08:30	Building Permits	Apr	912K		927K	Moderate
Fri. May 16	08:30	Housing Starts	Apr	940K		947K	Moderate
Fri. May 16	10:00	Consumer Sentiment Index (UoM)	May	63.0		63.2	Moderate

Michael Carew
NJ Lenders Corporation
20 Sheridan Avenue
Ho-Ho--Kus, N.J. 07423

Mortgage Market Guide, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. Mortgage Market Guide, LLC does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

-- If this message had been sent to a list and not as a test message, the footer and manage your subscription link would be here. To see this, add yourself to a test list and send a message to that list.

Mike Carew's Mortgage Market Guide 2/9/08

Michael Carew — Sat, 09 Feb 2008 17:06:36 -0800

Provided to you Exclusively
By	Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Cell: 201-906-0050
E-Mail: michael.carew@njlenders.com

For the week of Feb 11, 2008 --- Vol. 6, Issue 7

Last Week in Review

"LOOSE LIPS SINK SHIPS." Slogan from World War II Not just clever words of good advice, this phrase was actually part of the US Office of War Information's attempt to limit the possibility of people inadvertently giving useful information to enemy spies. Now fast forward to present time, as Dallas Fed President Richard "Loose Lips" Fisher's careless comments last week worked to sink the Bond market, and caused home loan rates to rise about .125%.

Fisher lived up to his nickname last week, almost uncontrollably blurting out off-topic comments and rhetoric during his speech in Mexico City, and roiling the financial markets every step of the way. Long recognized as an "inflation hawk", he was the lone dissenter against the .50% cut to the Fed Funds Rate on January 30th.

Fisher stated, "Monetary policy acts with a lag. I liken it to a good single malt whiskey or perhaps truly great tequila: It takes time before you feel its full effect. The Fed has to be very careful now to add just the right amount of stimulus to the punchbowl without mixing in the potential to juice up inflation once the effect of the new punch kicks in. ...My dissenting vote last week was simply a difference of opinion about how far and how fast we might re-spike the monetary punchbowl. Given that I had yet to see mitigation in inflation and inflationary expectations from their current high levels...I simply did not feel it was the proper time to support additional monetary accommodation."

The negative outburst by Lose Lips Fisher, which was again a departure from his prepared speech topic, didn't sit well with the Bond market. Bonds hate inflation, as higher inflation erodes the fixed payment return they offer over time. This sparked a sharp sell-off, causing home loan rates to rise.

AND THE ECONOMIC STIMULUS PLAN IS ALSO ON THE RISE, WITH SOME GREAT BENEFITS IN STORE FOR HOMEOWNERS AND HOMEBUYERS...BUT DO YOU KNOW HOW A BILL LIKE THIS ACTUALLY BECOMES LAW? DON'T MISS THIS WEEK'S INFORMATIVE MORTGAGE MARKET VIEW!

Forecast for the Week

This week's economic calendar holds mostly mid-level reports, but the Retail Sales report on Wednesday will definitely draw some attention, as we get a chance to see how consumers have been spending money out there. Additionally, Thursday's Initial Jobless Claims and Balance of Trade reports and Friday's Industrial Production report will also be of interest.

Bond prices had been hanging from a ceiling of resistance, shown in blue on the chart below...almost reminiscent of a Salami hanging in a butcher shop or meat store - and last week saw prices fall off that ceiling, straight down through a floor of support at the 25-day Moving Average. And now - what was a floor becomes a ceiling, and Bonds have not yet been able to recover and climb back above this level.

The economic news and headlines in the coming week will determine if Bonds are able to drive back higher, through the 25-day Moving Average and help home loan rates improve. Weak, negative economic news would be bad news for Stocks, but help money flow over into Bonds and find improvement for home loan rates. Positive, strong economic news will have just the opposite effect though, and cause Bonds and home loan rates to worsen.

Chart: Fannie Mae 5.5% Mortgage Bond (Friday Feb 08, 2008)

The Mortgage Market View...

I'M JUST A BILL... AND I'M SITTIN' HERE ON CAPITAL HILL

The campaign trail isn't the only place you'll find politicians posing for the media and shaking hands. This week, members of the Senate reached across the aisle to pass an amended version of the $168 Billion Economic Stimulus Plan, including rebates for taxpayers, tax breaks for businesses, and new conforming limits for home loans. The bill now heads back to the floor of the House for approval of their amendments and then onto the President.

All this back and forth prompts the question... how does a bill actually become a law? The answer is... well... it's a long process. But, we can sum it up in a handful of major steps.

First, a bill is proposed in the House of Representatives and is sent to the appropriate committee for discussion. Next, the committee discusses and amends the bill, and then approves the bill for full House consideration. From there, the bill moves to the full House of Representatives for additional discussion and amendment before a vote is taken. If the House vote passes, the bill is sent to the Senate--where it is discussed, amended, and voted on again.

Of course, it's not over yet. Once the bill passes the full Senate vote, it moves to a conference committee to iron out any differences between the Senate and House versions of the bill. After the conference committee, the bill finally lands on the President's desk, where he (or who are we kidding, maybe she) can sign it into law or veto it.

The bottom line is, it typically takes a long time for a bill to become a law, and there are lots of discussions and amendments along the way. For a more humorous overview of the process that may bring back some memories, check out the old School House Rock - How a bill Becomes Law.

And, remember, the new Economic Stimulus Plan--with its new conforming loan limits--will go into law soon. If you've been thinking about refinancing or purchasing a new home, now is an excellent time and you could save big with the limits. Contact me to discuss how these new limits may help you!

The Week's Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of February 11 - February 15

Date	ET	Economic Report	For	Estimate	Actual	Prior	Impact
Wed. February 13	08:30	Retail Sales	Jan	0.0%		-0.4%	HIGH
Wed. February 13	08:30	Retail Sales ex-auto	Jan	0.2%		-0.4%	HIGH
Wed. February 13	10:30	Crude Inventories	2/09	NA		7052K	Moderate
Thu. February 14	08:30	Jobless Claims (Initial)	2/09	360K		356K	Moderate
Thu. February 14	08:30	Balance of Trade	Dec	-$61.0B		-$63.1B	Moderate
Fri. February 15	08:30	Empire State Index	Feb	7.5		9.0	Moderate
Fri. February 15	09:15	Capacity Utilization	Jan	81.5%		81.4%	Moderate
Fri. February 15	09:15	Industrial Production	Jan	0.1%		0.0%	Moderate
Fri. February 15	10:00	Consumer Sentiment Index (UoM)	Feb	76.5		78.4	Moderate

Do I lock-in my mortgage rate yet????

Michael Carew — Sat, 02 Feb 2008 11:02:00 -0800

Yes, rates are lower than a month ago. As they said on the T.V. show Hillstreet Blues... "Be careful out there men.." It's a tough call right now to lock or not to lock in a mortgage rate. The Federal Reserve has lowered the fed funds rate over the the last weeks by a unpresedented 1.25% from 4.25% to 3.00%. Never in the history has the Fed lowered rates at one meeting .75%, let alone having them lower rates again .50% the next week!!! The Fed's objective by lowering the short term rates is to stimulate the economy. The immediate affect for the consumer is lower rates on home equity loans and credit card debt. The mortgage rates are a different animal. The fed cuts should lead to lower rates for the adjustable rates mortgages and when loan current mortgage will re-adjust in the near future. Fixed mortgage rates for those looking to refinance or to buy a new home have to be careful here. Don't get to greedy. If you can get a good rate locked in for 60 days you may want to take it. There is no guarantee that the fixed rates will continue lower. The markets must percieve that the economy will get worse before it get any better. Then, you may see rates go lower. If the bond traders think that INFLATION is on the way or the economy will pull out of it's slump you will be seeing higher rates. Good Luck and "Be careful"

Views You Can Use!!! Tax tips and Identity Theft Protection

Michael Carew — Sat, 02 Feb 2008 08:41:04 -0800

Provided to you Exclusively by Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Mobile: 201-906-0050
Email: michael.carew@njlenders.com

For the Month of February 2008 --- Vol. 3, Issue 2

IN THIS ISSUE...

THE BEST THINGS IN LIFE ARE FREE! Ok...ok...maybe they're only "free" for identity thieves, but the Tax Man's a different story! Have no fear. The tax tips below can help you get through the process quickly and efficiently...and get to the real good news: a completed 2007 tax return!

Speaking of returns, how about returning a little peace of mind to your life? Did you know that more than 15 million people fall victim to identity theft each year? The article below can help you put a freeze on thieves that are looking to steal your identity.

Don't forget to spread the wealth. The info below may benefit your friends, family, and coworkers. So pass it along! And call or email me with any questions.

A TAXING TIME OF YEAR

It's that time again...time to start gathering all of that dreaded documentation to send to good old Uncle Sam! Recent stats say the IRS audited 1 out of every 97 returns last year, so it pays to be careful. And even though this may seem like a very painful process, taking just a few simple steps right now will make your tax filing far easier and more accurate.

Keep it together. Make a quick list of all the documents or statements that were needed to complete your return last year--or call your tax planning professional for a checklist. Use this as a checklist to make sure you have a good start on the documents you may need this year. As you receive tax documents in the mail, grab your checklist, and mark the item as received. Then, keep all of the tax documents together in a large file or envelope marked "2007 TAXES."

Do the math. According to the IRS, the most common mistake on tax returns is bad math--from transposed numbers to downright incorrect data. And with one document leading to the other, those errors can make a huge impact. And even if you use tax software, you're not off the hook--since they only add the info YOU put in. Double-check entries carefully.

Every last cent. The IRS receives copies of your Form 1099 earnings each tax season. So, they know how much you make in interest and dividend income, and they will use that info to double-check your filing information. Make sure you collect all your earnings statements and document them on your return.

Sign on the line. It sounds almost silly, but forgetting to sign a return is actually a fairly common oversight. And the IRS won't process a return that doesn't have a signature. So, make sure you sign to avoid resubmitting your paperwork and possibly paying late-filing fees.

Remember, there isn't a lot of room for error when you're dealing with the IRS. A slight miscalculation could mean the difference between getting a return and writing a check--or worse, paying a penalty. It pays to work with a tax professional. If you need a referral, contact me--I'm happy to help!

PUTTING A FREEZE ON IDENTITY THEFT

In the time it takes to count to ten, five new people will become victims of identity theft. In fact, according to the U.S. Department of Justice Statistics, identity theft is now passing drug trafficking as the number one crime in the nation--with more than 15 million victims every year.

Rather than lay awake at night worrying and wondering if your identity has been stolen, you can actually take a simple step to protect yourself... it's called a credit freeze (or, sometimes, a security freeze). Essentially, a credit freeze gives you the ability to "freeze" or lock access to your credit file--which helps prevent someone from opening a new account in your name.

Here's How It Works

When someone tries to open an account in your name, they'll be stopped in their tracks. That's because one of the first things a creditor will do before opening the account is pull a credit report.

By having a credit freeze in place, creditors aren't able to pull your credit report. And, since very few lenders will issue credit without first seeing a credit report, identity thieves can't open fraudulent accounts using your name. However, when you want to apply for credit, you can temporarily lift the freeze using a PIN... thus, allowing your legitimate application to be processed.

The Flip Side

First, it's important to remember that a credit freeze only stops someone from opening a fraudulent account. It can't stop them from using a stolen credit card. So you still need to keep the phone numbers of your credit cards handy, in case your cards are lost or stolen.

In addition, some critics argue that credit freezes have more of a downside than most people realize. That's because you won't be able to purchase a car, get a new credit card, or refinance a mortgage at a moment's notice. Instead, you'll have to plan ahead by lifting the freeze, which usually takes about three days.

For most major purchases, this won't be much of an issue--after all, how many of us buy a car or house on a whim? Typically, we make the decision to start looking and, at that point, can easily lift the credit freeze in anticipation of the purchase. However, a credit freeze can be problematic if you're at a department store and the cashier offers you 10% off your purchases if you open an instant credit card with the store.

Other Options

Opponents of credit freezes also argue that consumers can just as easily fight identity theft with fraud alerts, which require lenders to verify identity before issuing loans or credit. If you have reason to believe you've been a victim of identity theft, you can obtain a 90-day fraud alert. And if you provide reliable evidence that you are in fact a victim--using such documents as a police report--you can extend that fraud alert for up to seven years.

The problem is... fraud alerts only come into play AFTER you've been victimized. So for many consumers, credit freezes offer more protection and more peace of mind.

Here's the Shocker... You May Not Have a Choice!

Believe it or not, credit freezes aren't available in every state. Some states have yet to pass credit freeze laws. Why? Well... it all comes down to a battle between the big business of instant credit and the growing need for more secure personal information.

And, don't kid yourself, billions of dollars are at stake in this battle! Credit-reporting agencies sell credit reports to lenders, landlords, employers and other businesses. Department stores and retailers generate huge revenues by offering instant store credit cards that boost profits through interest and increased shopping. And, finally, we as consumers have simply grown accustom to receiving on-the-spot credit for our purchases.

To learn more about these issues and to find out if your state allows credit freezes, visit www.ConsumersUnion.org/finance/creditfreezeinfo.htm.

The material contained in this newsletter has been prepared by an independent third-party provider. The material provided is for informational and educational purposes only and should not be construed as investment, financial, real estate and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.

As your Trusted Advisor, I always want to make sure you are clear on all details of the home financing process. If you or someone you know are interested in purchasing or refinancing a home, give me a call today!

If you prefer to send your removal request by mail the address is:
Michael Carew
NJ Lenders Corporation
20 Sheridan Avenue
HoHoKus, NJ 10952

Mortgage Market Guide, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. Mortgage Market Guide, LLC does not grant to the recipient or distributor a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

Pending Fannie Mae (FNMA) Mortgage limit increases...will help the Real Estate market this year!!!

Michael Carew — Sun, 27 Jan 2008 11:55:45 -0800

The pending stimulis package that is being put together by Congress proposes that individuals will receive tax rebates depending on your income level. According to some reports, within the package, their is a plan to increase the Fannie Mae mortgage limits (FNMA) from the current level of $417,000 to $625,500, and the FHA level to $720,000. I believe this increase will affectively help get the housing market back on course. Many people who need borrow more money to buy a bigger house will get more attractive rates under this proposal. It will have a "trickle up" affect. Those who have been thinking about stepping up and buying a bigger home will find the mortgage rates more attractive than ever. This will lead to owners of these homes to sell them and buy even a larger home and so on. It could be just the medicine the real estate market needs to get going this year!!!

Mike Carew's Mortgage Market Guide 1/21/08

Michael Carew — Sat, 19 Jan 2008 22:16:52 -0800

Check out this weeks events in the mortgage market...

Provided to you Exclusively
By	Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Cell: 201-906-0050
E-Mail: michael.carew@njlenders.com

For the week of Jan 21, 2008 --- Vol. 6, Issue 4

Last Week in Review

"WHO ARE YOU? WHO, WHO, WHO, WHO?" When Pete Townshend and The Who penned this song back in 1978, they probably never imagined that it would come to mind during a Fed Chairman's testimony to the House Budget Committee. But sure enough - one of the Representatives questioning Fed Chair Ben Bernanke actually mistook him for Treasury Secretary Paulson...and apologized by telling Bernanke that she got him "confused with the other one." Great reminder to keep an eye on what our elected officials are telling us during this particularly important year, as they might just have their facts a bit confused.

The financial markets also appear to be a bit confused of late, with some mixed data on the health and future of the economy causing continued volatility in both Stocks and Bonds. While there was plenty of mid-week action, home loan rates ended just slightly higher for the week overall.

The Stock market has gotten hammered lower since the beginning of the year, and last week was no exception. But when Stocks move lower, money can flow over into Bonds, helping home loan rates improve. What caused last week's action was a combination of terrible earnings reports from Citigroup and Merrill Lynch; higher inflation numbers indicated in the Consumer Price Index; lower than anticipated Retail Sales; a weak report from the Philadelphia Fed showing a sharp contraction in manufacturing activity; and a Housing Starts and Building Permits report showing the worst levels of starts and permits in about 16 years.

But bear this in mind...the slowdown in new home construction is actually not bad news, as overbuilding has helped to create a glut of inventory in the real estate market. Less inventory coming on the market is actually a real positive as the housing market continues to settle. And with home loan rates at multi-year lows, now may be the time to act on that home purchase or refinance.

YOU'VE HEARD OF SOCIAL NETWORKING SITES...BUT HAVE YOU HEARD OF SOCIAL LENDING SITES? INSTEAD OF JUST DONATING MONEY, LEARN HOW YOU CAN HELP INDIVIDUALS AND SMALL ENTREPRENEURS ACROSS THE GLOBE...AND MAYBE EVEN TEACH YOUR KIDS A VALUABLE LESSON ALONG THE WAY.

Forecast for the Week

After a jam packed economic news calendar last week, the week ahead has very little scheduled economic reports in store, with only Existing Home Sales and Initial Jobless Claims coming on Thursday.

But when the economic calendar slows down, the technical signals can take center stage. Remembering that as Bond prices move higher, home loan rates move lower, the chart below shows how Bond prices have moved higher for the last several months, causing home loan rates to move lower.

Yet notice how Bond prices are hitting an overhead "ceiling"...which may just drive them back lower. Unless other financial news arrives for the week that helps Bonds move higher - it appears that Bonds may just make a turn lower, causing home loan rates to worsen.

Chart: Fannie Mae 5.5% Mortgage Bond (Friday Jan 18, 2008)

The Mortgage Market View...

You've heard of social networking sites like MySpace and FaceBook...but have you heard of social lending sites?

Over the past few years, several websites have sprung up that combine features of the omnipresent social networking sites, and commerce sites like eBay. These sites allow individuals to become either a borrower from or a lender to the online community. The website collects basic financial information from would be borrowers, as well as the intended purpose for the money. The site then posts a short profile of the borrower, so that other members of the community can choose to lend money to them or not.

The very first created was http://www.prosper.com/, which allows individuals to borrow and lend small amounts of money, for any variety of purposes. Recent posts include families wanting to start a small business and a father seeking to pay off his son's medical bills...you can see their pictures and read their stories. The maximum loan amount is $25,000 - and lenders can borrow as little as $50 towards someone's total desired loan amount, and determine what rate they are willing to lend at based on the individuals credit standing and risk profile. Prosper encourages lenders to fund small amounts towards many individuals loans, to help minimize risk of default. Why consider it? Although risk of default is certainly a potential - because these are generally individuals unable to borrow via more traditional methods - it is quite a learning experience, and the rate of return will be higher than via a traditional savings account.

Another similar site is http://www.zopa.com/ - also a social lending site, but with a few key differences. If a borrower request is approved, Zopa funds it directly, raising funds by offering Certificates of Deposit (CD) to be purchased with attractive rates of return. If you purchase a CD, you are required to choose at least one borrower request to sponsor. By sponsoring a borrower you marginally reduce the interest rate earned on your CD, which in turn is used to reduce the rate that the borrower is paying. Best of all, your money and your rate of return is guaranteed and insured.

Perhaps the most intriguing of the social lending sites, http://www.kiva.org/ is a blend of charitable giving and online lending. This site specializes in very small loans made to individuals in third world countries. The loans requests and photos are fascinating...who knew that a cow could be purchased for only $500, or that you could literally purchase tons of coffee and cocoa for $1000? The downside to Kiva is that the loan is not repaid with interest, and because it is a loan and not a charitable contribution, it is not tax deductible. But the upside - helping those in developing countries create and expand their businesses, provide for their families and improve their countries economy as a whole - well, this offers a substantial rate of return, just of a different type.

And consider getting your kids involved. Parents can use sites like these to help instill a sense of giving back, as well as a broader view of the economic world. Start with a small amount of money, and let them decide who to lend it to and why. When the loan is repaid, turn around and lend it again. It's never too early to get kids involved in the process of understanding money, lending, and the world around them as a whole.

The Week's Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of January 21 - January 25

Date	ET	Economic Report	For	Estimate	Actual	Prior	Impact
Thu. January 24	08:30	Jobless Claims (Initial)	1/19	320K		301K	Moderate
Thu. January 24	10:00	Existing Home Sales	Dec	4.95M		5.00M	Moderate
Thu. January 24	10:30	Crude Inventories	1/19	NA		4259K	Moderate

Putting a Freeze on Identity Theft...

Michael Carew — Mon, 14 Jan 2008 19:34:39 -0800

Here's How it Works

When someone tries to open an account in your name, they'll be stopped in their tracks. That's because one of the first things a creditor will do before opening the account is pull a credit report.

By having a credit freeze in place, creditors aren't able to pull your credit report. And, since very few lenders will issue credit without first seeing a credit report, identity thieves can't open fraudulent accounts in your name. However, when you want to apply for credit, you can temporarily lift the freeze using a PIN... thus, allowing your legimate application to be processed.

One last thing... Believe it or not, credit freezes aren't available in every state. Some states have yet to pass credit freeze laws. Why, Well... it all comes down to a battle between big business of instant credit and the growing need for more secure personal information. Good luck and check with the credit agencies and see if in your state the credit freeze option is available.

Views You Can Use!!! New Year Tips for your Economic Health...

Michael Carew — Sun, 06 Jan 2008 18:15:00 -0800

Provided to you Exclusively by Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Mobile: 201-906-0050
Email: michael.carew@njlenders.com

For the Month of January 2008 --- Vol. 3, Issue 1

IN THIS ISSUE...

HAPPY 2008! The new year always feels full of potential and opportunity. It's as if the slate has been wiped clean and anything is possible.

As most of us are setting goals and making resolutions, now's the ideal time to make sure you're making sound money decisions in 2008. For instance, the article below can help you make healthier financial decisions for you and your family. In addition, the retirement saving tips below can help you make sure you're prepared for all of the new years to come!

As always, feel free to forward this issue to friends, family members, or coworkers to help them kick off their new year! And please call or e-mail if you need any personal assistance during this special time of year!

MAKING HEALTHY FINANCIAL DECISIONS

While we all hope that we never have to deal with a sudden medical crisis caused by the discovery of a life-threatening or life-altering illness the reality is that at some point, many of us will have to face this situation. As they say, life is a terminal condition. Good health is a gift that is often taken for granted, but when you are healthy is also the very best time to take a few simple steps to insure that you and your family, income and assets would be protected in case the worst would happen.

A stat that "will" surprise you:

Did you know that less than 10% of all adult Americans have a will? Amazing, because it is one of the most important documents you will ever create, especially if you have children. In addition to your will, it is advisable to create Power-of-Attorney's to allow someone you trust to be able to make financial decisions or pay bills on your behalf if you are not able to do so yourself.

Also consider creating a living will, outlining the types of treatments that you would want or not want to have performed. Typically a living will is accompanied by a health care proxy, which is a Power-of-Attorney specifically for making medical decisions.

Emergency fund:

There are dozens of reasons that it is important to build up a nest egg of cash, but one of the most important is to help protect against the loss of income that can occur during a medical crisis. Rarely considered for couples who both work, but worth mentioning, is that during a medical emergency, not only would the ill individual be out of work, but oftentimes the other would also have lowered income due to spending time and energy with the sick partner.

Throw me a line:

A Home Equity Line of Credit (HELOC) can be another great safety net to consider, as it allows you easy and immediate access to a relatively cheap source of money. It is important to remember that your ability to qualify for a new loan may be diminished if you are critically ill, so obtaining a HELOC when you do not need it is a very good idea. And since HELOC's are typically inexpensive to set up, and only require payments if there is a balance owed, this makes it an ideal safety net.

"Insure" your safe future:

Life insurance is rarely considered a popular discussion topic, but it is a very important way to protect your family. Dealing with the loss of a loved one is very difficult and there is no easy way to ease the pain. And the financial problems, although secondary, can be very serious. Loss of home, income, and savings can all be avoided with the right life insurance plan.

Other types of insurance to investigate are disability insurance - which can help provide income if you are unable to work because of an injury or illness - and also long-term care, which can help you preserve your assets from being eaten up by caretakers in the future.

If you need help setting up a Home Equity Line or a referral to a great financial planner or insurance agent, please email or give me a call. I'd be happy to help you make the connections needed to ensure your own healthy financial future.

DID YOU KNOW...

That if you wait until you're 45 years old to start investing for retirement, you'll need to save about $24,000 per year just to reach a reasonably comfortable retirement level? But if you start when you're 25, you can reach that same level by saving just $4,000 per year. So starting as early as possible is important - but even if you didn't, you can use the simple tips below to get on track right away.

Give Your Retirement Plan a Raise

The more you make the more you spend...so the next time you get a raise or a bonus, break the cycle! Set aside that extra money and invest it in your future. You will not even notice it now...but you will in the long run.

Make a Big Impact Without Denting Your Budget

If you're about to pay off a car, student loan, or some other monthly expense, you can make a huge impact on your investment plans by simply adding that extra money to your retirement account. You're already used to living without it, so it won't impact your monthly spending money at all.

Out of Sight, Out of Mind Investing

Don't forget to make your investments automatic. It's much easier--and a lot less painful--to have that money simply deducted from your paycheck and electronically deposited. You'll save the same amount every month...and save yourself the trouble of writing that check!

Eliminate High Rates

Want to earn a 17%, 18% or even 19% return right away? It's easy...put together a plan to pay off your credit cards faster, starting with the highest rates. By paying it off quickly--and keeping it paid off--you'll eliminate the high interest charges that drain budgets and often put people into a downward spiral of debt.

Make the Most of Matching Contributions

If you have access to a 401(k) retirement plan, make sure you are using it--especially if you get matching contributions from your employer. See how much you have to contribute to earn the full matching amount from your employer - and if you can't contribute that much right away, start small and steadily increase your contribution over time until you reach it. You'll double your money with the employer's match...and your contributions are generally taken out of your check pre-tax.

It's NOT All or Nothing

Don't feel like you have to jump in with everything you've got. The most important point is to get started right away...not next month or next year, but right now with whatever amount you can. You can always increase the amount you invest...but you can never get back the compounding interest you'll lose by waiting.

And remember, if you have any questions--including how a mortgage can be structured to jumpstart your retirement plan or a recommendation to a great financial planner--please don't hesitate to call!

Michael Carew
NJ Lenders Corporation
20 Sheridan Avenue
HoHoKus, NJ 10952

Winter Tips for your Home....where's it's cold outside!!!

Michael Carew — Fri, 21 Dec 2007 16:49:23 -0800

Start getting ready for winter...

As the cold weather comes in, get your home ready for winter:

- Turn off all outdoor water

- Change heating filters

- Tune up snowblower

- Make sure all outside light fixtures are working

- Make sure all windows are properly sealed

- Check foundation and siding for gaps

- Make any necessary chimney repairs

I hope this quick list ideas will help you all in the cold states!!!

Hey!!! How much can I borrow???

Michael Carew — Wed, 19 Dec 2007 10:09:10 -0800

For those of you who have first time buyers their first question usually is "How much of a mortgage can I afford

to pay?". There are several factors that go into determining the most you can borrow. They are your income,

down payment monies available to purchase the home, amount of outside debt that you have, and your credit

score.

The most important factor of the above criteria is your credit score. In this new mortgage market a persons

credit score has become the most important component in getting a mortgage approval. A good credit score is in

the 670-680 range. If you have a score over 700, you have an excellent credit score that make the mortgage

qualifying process easier. Next, you need to have enough income to afford the mortgage for the home you want

to purchase. You can borrow about three times your gross or taxable income.

The more money you have to put down the better. Putting no money down is a thing of the past. Lenders, in a

flat to down real estate market, want to see you put up more money and reduce their risk of exposure. The

more money you can put down, i.e., 20% or more, will allow the lender to be more flexible in lending what you

need if your credit score or your income are lower. The amount of other monthly debt you have to pay, i.e., auto

lease or loans, credit card, and student loans will limit the amount you can borrow. Ideally, you want to have low

credit card balances and reasonable car payments so that you can qualify for a larger mortgage.

Time is money...Actually TIMING is!!!

Michael Carew — Sun, 09 Dec 2007 14:02:55 -0800

Did you know that the fiscal year for Japanese companies ends in March? Do you care? You SHOULD...if you want the best deal on a new television for your home theater system.

That's because new models and products are scheduled for release at the beginning of the new fiscal year--which for Japanese electronics companies is April. And the release of the new models means...you guessed it...huge discounts on the previous year's models. So if you're shopping for a television, stereo or other electronics, your best bet is to watch for sales in spring.

Looking for Even More Savings?

You can save on just about every item you need...if you know what season or day of the week to purchase it. Below are some tips to help you save the most on your shopping list.

Airplane Tickets: Planning on traveling for the holidays this year? Want to save some cash on your airline tickets? Of course you do! Did you know your best chance for saving is Wednesday morning? That's because airlines introduce their savings over the weekend and during the first few days of the week, subtle price wars begin. By early Wednesday, the savings have usually hit their peak...and there are still plenty of seats left for you to capitalize on.

Gas: Going by car this holiday season? We've all seen gas prices jump as travel weekends approach. It's a common occurrence...but it can be avoided. Whether you're planning to travel or not, the best time to top-off your tank is early Thursday morning. Then, watch the prices rise and calculate your savings!

Cars: You probably already know that you can save on car purchases in early fall when new models are released and the current models go on sale. And you may also know that your best chance to negotiate a better price is at the end of a month when car dealers need to make their monthly quotas. But did you know you can drive home a great deal early in the week, especially during the morning? At that time, the dealerships aren't overflowing with shoppers like they are on the weekend, so you'll get more personalized attention. Plus, salespeople are more likely to negotiate when they don't have three or four other buyers waiting in the wings to pay full price.

Toys: The winter holiday season is a no-brainer for toy sales. Store shelves are stocked and prices are often priced to move the merchandise. But you can also save some serious dollars by shopping well before the holidays arrive...such as the end of summer. Think about it...department stores only have so much room to store their merchandise. And by the end of the summer and early fall, they're starting to stock up for the big holiday push...which means they have to get rid of their current inventory of fun. So for savings of 60 percent off and more, try getting a jump on your toy shopping as early as late summer and the beginning of fall--you'll avoid the mad holiday rush and save some cash.

Clothing: By the time the weekend rolls around, just about every dressing room is filled...and the best deals have been picked over already. Why? It's simple. With the large number of special promotions to be marked and shelves to be stocked, most clothing stores get started early. And savvy shoppers, like you, can get the best deals and the best selection by Thursday evenings. As an added bonus, the stores, dressing rooms, and checkout lines aren't nearly as crowded--so you save on stress too!

The moral of the story--plan ahead on your purchases and you'll be rewarded! And be sure to forward on this article to your family, friends, and coworkers too--they'll thank you for it!

'Tis the season ......

Michael Carew — Sun, 09 Dec 2007 13:38:42 -0800

YOUR KIDS WANT THEIR FIRST CELL PHONE...

Is your elementary school child asking you for their first cell phone? Are they telling you that all of their friends have one? Well, as amazing as it may seem, market research confirms that many "tweens" (8- to 12-year-olds) actually do have their own cell phone. Whether or not it's time to cross that bridge in your own family, here are a few suggestions that may help guide your decision if you decide to purchase one.

Big Brother? More like Big Mother

Many cell phones now have the option of GPS tracking, and for a fairly small monthly fee, parents can now access and track a child's location either through their own cell phones or through the Internet. GPS location is typically accurate to within 25 feet or less and is fairly reliable--though it still relies on the phone being charged and turned on.

Some of the options offered by various providers include whether or not your child is notified when you check their location, as well as the ability to set up a specific area--where you are notified by a text message when your child leaves that area.

Limiting Factors

Some cell phones that are targeted towards younger children are designed without the standard number pad to dial numbers; instead, they offer just a few large buttons labeled with pictures. These phones require that you program numbers to these autodial buttons, thereby limiting who your child can call. The downside to these types of cell phones is that older children will not want to use them, as they do look like toys.

Phones to Consider

For younger children, consider the TicTalk by Enforma or the Verizon Migo. Options for older children may include the Disney phones, which offer a variety of parental controls such as limiting the numbers that can be dialed in or out, as well as limiting the use of the phone to certain times of day or week. Older tweens may prefer the Disney Mobile, though many of the above features are also available through most of the major cell service providers.

Good Luck and Don't Look BackJust remember, once you cross this bridge it will be hard to go back, with those pesky service contracts locking you in--sometimes for a couple of years. If you want to test the waters, some of the options for younger children do not have service contracts, but are based on prepaid calling cards instead.

Tips for Traveling Abroad over the Holidays.....

Michael Carew — Sun, 09 Dec 2007 07:43:32 -0800

Many Americans spend a lot of time preparing and planning trips to other countries, be it a winter vacation in the Caribbean or a once-in-a-lifetime trip to Europe. Here are a few important travel tips to make sure your trip is as smooth as possible, and suggestions for what to do if the unexpected happens.

Is my destination a safe place?

As we all know by watching the news, there are a number of places in the world that are not safe for travel. The Department of State (DoS) issues travel warnings that recommend Americans avoid traveling in certain countries.

In addition, the DoS also offers fact sheets, called Consular Information Sheets, on every country in the world. These sheets describe general health, safety, and travel tips, as well as contact information for the local US Embassy, which is a critical piece of information when traveling abroad.

Passports - are they needed everywhere?

A passport is now required when traveling anywhere outside of the USA. Due to this recent change in policy, the time required to receive a passport has dramatically increased to approximately two months. You can pay an additional fee to request expedited service, but even then you'll wait nearly a month to receive it.

Where do I apply for a Passport?

Many county or municipal offices handle passport applications and photos. A complete list can be accessed at: http://iafdb.travel.state.gov/. If you're traveling within two weeks and need a passport or foreign visa for travel, you can contact one of the thirteen Passport Agencies who will be able to assist you.

What if my Passport is lost or stolen?

If you lose your passport while you're in the US, you must report the loss or theft immediately to the State Department and you should also file a local police report. If you lose your picture ID while traveling domestically by air, contact your airlines immediately as there are other ways to document your identity for the airline and TSA that can be used on a case-by-case basis.

Losing your passport while traveling overseas is a dramatically different problem. The first step is to contact the nearest US Embassy or Consulate. The State Department's website has a complete listing sorted by region and country. Alternatively, you can contact the Department of State Overseas Citizens Service at 1-317-472-2328. Generally, you will need to travel to the embassy, prove your identity, and reapply. Expect to pay more for this passport than the one obtained in the standard fashion.

Helpful Tip: Keep a photocopy of your passport with you while you're traveling, but in a separate place than your other travel documents. You may even consider storing digital copies on your PDA, iPod, or laptop to keep this info with you. You can also ask a trusted friend or family member to keep a copy of passport, birth certificate and driver's license with them at home. That way you have a backup copy in case you need it.

What is the best way to pay for purchases while traveling abroad?

While many of us may remember the Karl Malden voiced American Express Traveler Checks commercials that were popular over the past several decades, Travelers Checks are not the best or most cost-effective way to pay for purchases overseas. Many retailers either no longer accept them, or they charge a very substantial markup to the exchange rate.

Helpful Tip: The best way to pay for items while traveling overseas is with your credit card, where with several card issuers you pay only the wholesale exchange rates without additional markups.

Mike Carew's Mortgage Market Guide 12/10/07

Michael Carew — Sat, 08 Dec 2007 12:56:36 -0800

Provided to you Exclusively
By	Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Cell: 201-906-0050
E-Mail: michael.carew@njlenders.com

For the week of Dec 10, 2007 --- Vol. 5, Issue 50

Last Week in Review

"SURVEY SAYS...?" Richard Dawson's classic line on Family Feud is exactly the question that was on many minds at 8:29am ET last Friday morning, awaiting the official results of the November Jobs Report. After Automatic Data Processing (ADP) had released their hot numbers earlier in the week, indicating well over 200,000 new jobs created - traders and analysts began to wonder if Friday's official number might not come in far higher than the expectations of 70,000.

So when the results came in, it did show 94,000 new jobs created during November - but prior month's revisions took back 48,000 jobs previously counted in September and October. So...given this overall tame to semi-weak Jobs number - which generally would cause Bonds and home loan rates to improve - what happened that caused Bond pricing to worsen, and home loan rates to increase by .25%?

First, Bonds and home loan rates had recently improved to levels not seen in well over two years - so Bonds were almost looking for a reason to correct - and a few strong elements inside the Jobs Report were all the reason they needed. The Unemployment Rate stayed at a low 4.7%, which was better than expected. Additionally, the closely watched Hourly Earnings number was up 0.5%, higher than anticipated, and the largest read in over two years. Higher wages and a tight job market are both inflationary...inflation is bad news for Bonds and home loan rates...hence the large worsening in Bond prices and home loan rates. And the action isn't likely to let up soon - read on for a look at what's in store during the action packed week ahead!

SPEAKING OF AN ACTION PACKED SCHEDULE...YOUR DECEMBER CALENDAR IS LIKELY JAMMED FULL OF PARTIES, SHOPPING, FAMILY AND FRIENDS! BUT DON'T FORGET TO TAKE A FEW MINUTES TO DO A LITTLE END OF THE YEAR FINANCIAL HOUSEKEEPING. IT COULD PAY OFF VERY HANDSOMELY IN THE YEAR AHEAD, SO READ THIS WEEK'S MORTGAGE MARKET VIEW FOR A FEW SIMPLE, TIMELY IDEAS.

Forecast for the Week

The wild ride is quite likely to continue, with the coming week packed full of economic events and happenings. The headliner of the week will be the Fed's Rate Decision and Policy Statement due on Tuesday afternoon. A cut to the Fed Funds Rate is expected - but what remains in question is whether the cut will be .25% or .50%.

Remember, a cut by the Fed makes many borrowing rates lower - like Home Equity Lines, credit cards, and the like - but can often have the exact opposite impact on home loan rates. Why? Because a Fed cut often drives inflation, since spending by consumers and businesses generally picks up in light of more favorable financing rates. And inflation is the worst kind of enemy to Bonds, which provide a fixed rate of return - and the true value of that return is diminished by the eroding effects of inflation. Bottom line: Following the Fed announcement, home loan rates are likely to make some moves, depending on the tone of the Policy Statement, and the size of the Rate Decision itself.

As if that weren't enough excitement, the rest of the week will bring several heavyweight economic reports, including Retail Sales, and the inflation measuring Producer Price Index (PPI) and Consumer Price Index (CPI). Take a look at the Economic Calendar below, and check in with me this coming week for all the details as they unfold.

Chart: Fannie Mae 5.5% Mortgage Bond (Friday Dec 07, 2007)

The Mortgage Market View...

YEAR END IS IN SIGHT...DO YOU HAVE FINANCIAL HOUSEKEEPING TO DO?

December can be one of the busiest times of the year - between decorating for the holidays, shopping for the kids, traveling to see the relatives and enjoying social festivities, this month can fly by like none other. But taking just a few minutes to make sure your financial house is in order before the year wraps up is time very well spent. Here are a few simple suggestions:

Review your Benefits. Many companies hold "open enrollment" for benefits at this time of year. Make sure that you review all of the options available, as opposed to simply taking on the same choices as last year. Especially important, if your spouse also receives benefits through an employer, make sure to re-analyze who should carry which coverage. And make sure that you take full advantage of pre-tax spending accounts, giving the ability to pay daycare and medical in pre-tax dollars.

Asset Allocation. Year end is an ideal time to open up your 401k statement and check to see how the individual funds have performed. You will probably see that the percentage amounts in each fund are substantially different than the percentages that you are contributing, as certain segments of the markets do better or worse. Now is a good time to re-allocate from the better performing sectors back to the underperformers. This concept is called "asset allocation", and has been around for several decades...but its value can not be overstated. Most financial planners believe that proper asset allocation can be the one of the most important factors in your overall return.

Automate your New Years Resolution. Many people make financial resolutions, along the lines of saving more or paying more towards debts. And with online banking, this has never been easier. Hop online to your financial institutions website, and with a few clicks of the mouse, you can establish an automated savings account, where you send a certain amount of money to a savings account on a regular basis, or set up automatic payment toward a loan or credit card. Automating your financial decisions dramatically increase the odds that you will follow through.

Ask Santa for a Budgeting Program. We're all on a budget, whether we know it or not...as a budget is simply where money is spent. But many do not clearly understand where all our money goes. Granted, opening a copy of Money or Quicken on Christmas morning is probably not what you dreamed about as a child, but these types of budgeting and household finance programs may be the best gift you will receive this year. With a couple of hours work, you can download your various balances and accounts directly into these programs, and set them up to automatically update on a daily or weekly basis. After you have a few months of transactions in these programs, they can quickly provide you a summary of what your real budget actually looks like...and the results may surprise you.

Analyze your Debt. Make sure you know what rates you are paying on all your outstanding debts - or give me a call or email. I can help you determine what rates are being paid, and if your current overall debt structure makes sense, or if changes can be made that will put more money in your wallet or help you accomplish other important financial goals.

Give. December is prime time for giving to charities, for both tax reasons as well as holiday spirit. Toys for Tots is a great program that helps deliver toys to children for the holidays, or give to a local food shelf or soup kitchen that helps prepare meals for those who would not otherwise enjoy the holidays. Giving will put a glow in your heart this holiday season...and a glow in your wallet come mid-April.

The Week's Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of December 10 - December 14

Date	ET	Economic Report	For	Estimate	Actual	Prior	Impact
Tue. December 11	02:15	FOMC Meeting					HIGH
Wed. December 12	08:30	Balance of Trade	Oct	-$57.0B		-$56.5B	Moderate
Thu. December 13	08:30	Jobless Claims (Initial)	12/08	NA		NA	Moderate
Thu. December 13	08:30	Producer Price Index (PPI)	Nov	1.5%		0.2%	Moderate
Thu. December 13	08:30	Core Producer Price Index (PPI)	Nov	0.2%		0.0%	Moderate
Thu. December 13	08:30	Retail Sales ex-auto	Nov	0.6%		0.2%	HIGH
Thu. December 13	08:30	Retail Sales	Nov	0.5%		0.2%	HIGH
Fri. December 14	08:30	Consumer Price Index (CPI)	Nov	0.6%		0.3%	HIGH
Fri. December 14	08:30	Core Consumer Price Index (CPI)	Nov	0.2%		0.2%	HIGH
Fri. December 14	09:15	Capacity Utilization	Nov	81.7%		81.7%	Moderate
Fri. December 14	09:15	Industrial Production	Nov	0.1%		-0.5%	Moderate

Views You Can Use!!! End of the year tips...

Michael Carew — Sat, 08 Dec 2007 08:06:07 -0800

Provided to you Exclusively by Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Mobile: 201-906-0050
Email: michael.carew@njlenders.com

For the Month of December 2007 -

IN THIS ISSUE...

THE HOLIDAY SEASON IS IN FULL SWING. And while the shopping lines may be getting longer, there are a few ways for you to give this season without standing in line first. For instance, you don't have to stand in line to give yourself the gift of year-end savings. Just make sure that you don't get caught in a Mutual Fund tax trap. The article below can help.

This is also the time of year when many people plan or purchase tickets for their winter vacation. If you're planning a trip abroad, the travel tips below can help you make sure everything runs smooth.

Have a safe and happy holiday season. Feel free to forward this issue to friends, family members, or coworkers! And please call or e-mail if you need any personal assistance during this special time of year!

'TIS THE SEASON FOR GIVING...

It's also a good time to give to yourself by putting away some year-end savings.

But if you invest in a Mutual Fund that is about to pay a distribution before the end of the year, you could get caught in a tax trap...a trap that many innocent investors fall victim to.

Be sure to research the fund you are about to invest in and find out if it's planning to have a year end distribution. Here is how a distribution from a Mutual Fund typically works. If the price of the fund is $10 per share and the fund does a $1 taxable distribution just before the year is over, the share holder gets the $1 either in cash or the equivalent amount in additional shares. But the value of the fund drops by that same $1, which would bring it down from $10 to $9 in this example. The net value is the same to the shareholder, but the $1 distribution is now taxable.

So let's say someone invests $10,000 in a fund that is about to pay a year-end distribution. They get a statement showing a $1,500 distribution, and typically the money is re-invested right back into additional shares. The value per share declines to account for the distribution, but the additional shares received still keep the value of the account at $10,000...but now the shareholder has a $1,500 taxable gain, which could mean a $500 tax bill for some. Talk about a Bad Santa.

To avoid this unpleasant surprise, visit the websites of the Mutual Funds that you may be considering and determine if the fund will be paying distributions in December. If you do determine that the distribution will occur in December, and you need to avoid a big taxable gain, wait until the fund's "ex-dividend" date (after the money has been deducted from its share price), and then make the investment into the mutual fund. Or, consider investing the money in the same Mutual Fund, but buy the Mutual Fund as an IRA, or see if you can invest additional funds into your 401K - and then the distributions will be tax deferred.

It's so important to add to your savings...but take just a few minutes to understand and determine the dividend date on Mutual Funds, so you can ring in the New Year without having to give Uncle Sam an unnecessary present.

TIPS FOR TRAVELING ABROAD

Is my destination a safe place?

Passports - are they needed everywhere?

Helpful Tip: Even if you don't currently have plans to travel out of country, it's a good idea to apply for your passport today and keep it in a safe location until it is needed.

Where do I apply for a Passport?

What if my Passport is lost or stolen?

What is the best way to pay for purchases while traveling abroad?

Helpful Tip: The best way to pay for items while traveling overseas is with your credit card, where with several card issuers you pay only the wholesale exchange rates without additional markups.

If you prefer to send your removal request by mail the address is:
Michael Carew
NJ Lenders Corporation
20 Sheridan Avenue
HoHoKus, NJ 10952

Mortgage Rates getting CRUSHED today!!!

Michael Carew — Fri, 07 Dec 2007 10:22:59 -0800

Wow, the bond market has really had a bad couple of days in a row. Mortgage rates are up about 1/4 to

3/8 on fixed rates mostly based on this mornings jobs report. I also believe the bond market had a nice

rally over the last two months and was due for a pullback. I don't think we will see further declines next week

when the Federal Reserve meets. If they juswt cut a 1/4 point we should have a relief rally in the bond market

and hopefully the trend to lower rates will continue into 2008.

HEY!!! What the heck are all these fees for my mortgage????

Michael Carew — Wed, 05 Dec 2007 11:31:18 -0800

This question may come up from some of your clients. Many mortgage companies and banks are increasing

their fees to their mortgage customers to cover their losses, or just to increase their income by charging more

fees to your real estate buyer.

Fees will tend to vary from region to region and from lender to lender. Below I have listed what I believe

are legitimate fees and some that are just "fluff" that a loan officer is adding on to make more money.

Application Fee---$300 1 family, $450 2-4 family homes. Reasonable to expect from a lender. Clients

usually will pay this upfront to get the process going.

Appraisal Fees--$300 1 family home, $450 2-4 family. Also, if the home is worth $1MIL or more appraisers in

the last few years will charge up to $700-$800 in the New York/ New Jersey area.

Credit report-$20, Tax service fee $80-90, Flood cert--$20, attorney review fee in NJ--$200, Bank attorney fee in

New York is $750

These are reasonable fee to expect from a lender.

Fees to look out for.....

any kind of commitment fee of $500 or more...just a "fluff" added by a mortgage broker

warehouse line fee-$200---

Lock-in fee--some local banks here will ask for as much as a 1 percent deposit to lock in a rate--If the fee is

refundable at closing this is a common practice.. Be sure to ask if the deal falls thru what happens to the point

Any other fees not discussed above just maybe profit in the pocket for the mortgage banker. Always ask what

the fee is for. Things are slow and competition is high now for your clients loan. Your client should not be shy about

by asking the loan officer about getting a fee waived or reduced!!!

Weekly Mortgage Market News 12/3/07

Michael Carew — Sun, 02 Dec 2007 14:01:59 -0800

Provided to you Exclusively
By	Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Cell: 201-906-0050
E-Mail: michael.carew@njlenders.com

For the week of Dec 03, 2007 --- Vol. 5, Issue 49

Last Week in Review

"WE'RE SO BUSY WATCHING OUT FOR WHAT'S JUST AHEAD OF US...THAT WE DON'T TAKE TIME TO ENJOY WHERE WE ARE." Bill Watterson in the comic strip, Calvin & Hobbes And while these are certainly wise words for the upcoming holiday season - they also aptly describe the mood in the markets, as Bond Traders look ahead to the end of the coming week, with the arrival of the important Jobs Report. But maybe they should take a moment to enjoy where they are, as despite massive volatility, Bonds saw nice gains last week with home loan rates improving by about .125%.

Bond prices improved on a number of factors, including a tame read on inflation via the Personal Consumption Expenditure (PCE) index. Why? Look at it this way - if Bonds were Superman, inflation would be its Kryptonite, because of inflation's ability to erode and weaken the buying power of the fixed return provided by a Bond. So when news arrives indicating that inflation appears to be under control, Bond prices and home loan rates improve on the favorable news.

Another interesting bit of recent news is that major mortgage entities Fannie Mae and Freddie Mac will be moving to "Risk Based" pricing models, meaning that consumers with credit scores that traditionally have been considered "average" may soon be subject to higher interest rates. The best defense is always a good offense - so get in touch with me to discuss your own credit, even if you don't necessarily have the need for a home loan in the cards at the moment. I can help you examine your credit and determine what actions could be taken to improve your credit score - which will save you dollars on all your credit across the board. I'm glad to help - just send me an email at the link above, or give me a call.

AND WHILE WE'RE ON THE TOPIC OF CREDIT...MANY CREDIT CARDS ARE ALREADY GETTING WARMED UP FOR THE HOLIDAY SHOPPING SEASON. BUT DO YOU KNOW WHAT TYPE OF CARD WILL GET YOU THE MOST BENEFIT? DEPENDS ON HOW YOU SPEND...SO DON'T MISS THE SCOOP IN THIS WEEK'S MORTGAGE MARKET VIEW.

Forecast for the Week

This coming Friday commemorates the 66th anniversary of Pearl Harbor Day, "A day that shall live in infamy," and it also features the week's main economic event - the monthly Jobs Report for November, which might touch off some fireworks of its own.

Last month's report came in at twice the number of job creations than had been expected, so the market will be wary of another surprise in the upcoming Jobs number due on Friday - or a large revision to last month's number. Current estimates are for around 75,000 new jobs created in November - and if the headline number or revisions come in to be well above this number, we could see Bonds and home loan rates worsen. On the other hand, if the Jobs number is worse than expected, or if revisions take some of the heat out of last month's number - Bonds and home loan rates may see some improvement.

The chart below shows how Bond prices have been trending higher in recent months, bringing improvement to home loan rates. If you, or one of your clients, friends, family members or neighbors have been thinking about refinancing your home loan or buying a property - now is the time to act. Rates are historically low - and homes are on sale - but it won't stay that way forever. If it's on your mind, let's discuss options together so that we are prepared to act when the time is right for you.

Chart: Fannie Mae 6.0% Mortgage Bond (Friday Nov 30, 2007)

The Mortgage Market View...

WHAT'S IN YOUR WALLET THIS HOLIDAY SEASON?

If you're like most Americans, quite a few credit cards, that are already getting warmed up for upcoming gift buying sprees. In recent years, there has been an explosion in the number of credit card issuers, and perhaps more confusingly, the types of rewards being offered with those credit cards. So now, not only do you need to consider the rate and terms of your credit card...but what rewards or other benefits it offers. So what types are out there - and which is best for you?

Airline Miles: If you travel frequently, then maximizing your airline miles may be the very best reward. And if you primarily fly on a single carrier, you will do the best to take their affiliated credit card, as they typically offer 'bonus' opportunities to earn extra miles. If you do fly multiple carriers, you may need to use another option, but most reward cards offer airline miles as a choice. But watch carefully, as there are usually restrictions or blackout dates on when you may be unable to use your rewards-earned airline miles.

Cash Back: Discover was the first card to offer a cash back incentive program, and in fact, that marked the beginning of rewards programs in general. There are several items to consider when focusing in on cash back cards, most importantly being the fine print. Some of the better cash back offers do have tiers where you do not earn the most cash back until after certain amounts of spending on a yearly basis. So if you do not use your credit card very often or do not spend enough to make the required spending levels, you can lose out.

Store Cards: Cards issued by particular merchants can be some of the most valuable cards out there if you are a frequent shopper at that store. Typically, you will be given special offers or invitations to sales events, discounted prices, even up to 5% cash back or earned gift cards with that store.

Points Cards: Many rewards cards offer general purpose points that can be redeemed for a wide variety of items, including airline miles, cash back, gift cards from a variety of places, gifts to charity or simply merchandise. These cards can be very beneficial due to the flexibility that they offer - but here are a few general suggestions.

First, do not buy merchandise directly from the reward program. These products, often electronics, are routinely of poor quality or old models. Best way to purchase is to redeem your points for a gift card at a store you can buy the item at, which generally provides more bang for your points than straight cash back anyways. Next, look carefully at all of the reward levels, as sometimes you can get a better reward ratio if you save up your points over time. For example, 1000 points often translates to a $5 gift card, but saving up 6000 points may translate into a $50 gift card - ten times the value for only six times the points! Last, some vendors offer a statement credit versus a cash rebate - and generally offer a higher dollar amount for a credit rather than cash, although the money spends just the same.

The most important advice is to look carefully at the cards you are presently carrying - and know the terms and benefits. If you would like me to help you look over your credit situation in general and ensure that your debt is positioned properly - just give me a call. I am glad to help, and have strategies and suggestions that might make your credit situation much merrier this holiday season.

The Week's Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of December 03 - December 07

Date	ET	Economic Report	For	Estimate	Actual	Prior	Impact
Mon. December 03	10:00	ISM Index	Nov	50.5		50.9	HIGH
Wed. December 05	10:00	ISM Services Index	Nov	55.0		55.8	Moderate
Wed. December 05	10:30	Crude Inventories	11/30	NA		-452K	Moderate
Thu. December 06	08:30	Jobless Claims (Initial)	12/01	335K		352K	HIGH
Fri. December 07	08:30	Average Work Week	Nov	33.8		33.8	HIGH
Fri. December 07	08:30	Hourly Earnings	Nov	0.3%		0.2%	HIGH
Fri. December 07	08:30	Non-farm Payrolls	Nov	75K		166K	HIGH
Fri. December 07	08:30	Unemployment Rate	Nov	4.8%		4.7%	HIGH
Fri. December 07	08:30	Consumer Sentiment Index (UoM)	Dec	75.5		NA	Moderate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial services and other professionals only and is not intended for consumer distribution. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.
As your trusted advisor, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

Mortgage Market Guide, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. Mortgage Market Guide, LLC does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

Special !!! Low Jumbo Mortgage Rates for New Jersey Borrowers!!!

Michael Carew — Thu, 29 Nov 2007 20:09:25 -0800

NJ Lenders Corporation

20 Sheridan Ave., Hohokus, N.J. 07423

SPECIAL!!! N.J. Only- 6.00% 30 Yr. Fixed 0 Points to $650,000 N.J. & CT. Rates
Conforming Rates

30 Year Fixed Rate-CT. Properties 6.125% - 0 Points Loan Amount to $417,000 15 Year Fixed Rate 5.75% - 0 Points Loan Amount to $417,000

Jumbo Rates

30 Year Fixed Rate 6.375% - 0 Points Loan Amount to $1,250,000 NEW!!! 15/30 Fixed Rate Balloon 6.25% - 0 Points Loan Amount to $1,250,000

10 Year ARM 6.00% - 0 Points Loan Amount to $1,000,000 10 Year Interest Only 6.25% - 0 Points Loan Amount to $1,000,000

7 Year ARM 5.875% - 0 Points Loan Amount to $1,000,000 7 Year Interest Only 6.125% - 0 Points Loan Amount to $1,000,000

5 Year ARM 5.75% - 0 Points Loan Amount to $1,000,000 5 Year Interest Only 6.00% - 0 Points Loan Amount to $1,000,000

Add 1/8% to Rate for N.Y.

Super Jumbo from $1,250,000 to $2,500,000 add 1/4% to Jumbo Rates above.

Call Mike Carew today at (201) 882-8284
This information is not an advertisement to extend customer credit as defined by Paragraph 226.24 regulation Z. Rates and terms are subject to change without notice. NJ Lenders Corp. is a licensed Mortgage Banker, State of NJ,NY,CT,FL,MD and VA Departments of Banking. Equal Housing Opportunity Lender.

-- If this message had been sent to a list and not as a test message, the footer and manage your subscription link would be here. To see this, add yourself to a test list and send a message to that list.

Jingle Blog, Jingle Blog Jingle all the way!!! Get positive for 2008!!!

Michael Carew — Sun, 25 Nov 2007 11:49:14 -0800

I think blogging is a great way for all of us to get the PUBLIC to know US. Yes, I enjoy that I can express my

views and keep in contact with realtors and other mortgage professionals on ActiveRain. But thru Localism.com

and developing your own blogging web site you will reach more people. I have learned thru a couple of web

guys that blogging several times a week on your own website will help you alot in getting a higher ranking with

google,yahoo, etc. I have noticed myself some of my blogs have helped me get my website noticed in the top

20 in certain searches. Unless you want to pay alot with Google thru Adwords advertising to get higher rankings

it seems that consistent blogging is the way to go and you will be rewarded with more customers coming to you!!

Rates are Lower!!! NJ, NY, AND CT. Mortgage Rates 11/25/07

Michael Carew — Tue, 20 Nov 2007 22:22:25 -0800

NJ Lenders Corporation 20 Sheridan Ave., Hohokus, N.J. 07423

                                                                                               N.J. & CT. Rates
Conforming Rates

30 Year Fixed Rate 6.125% - 0 Points Loan Amount to $417,000 15 Year Fixed Rate 5.75% - 0 Points Loan Amount to $417,000

Jumbo Rates

30 Year Fixed Rate 6.375% -  0 Points Loan Amount to $1,000,000 NEW!!! 15/30 Fixed Rate Balloon 6.25% - 0 Points Loan Amount to $1,250,000

10 Year ARM 6.00% - 0 Points Loan Amount to $1,000,000 10 Year Interest Only 6.25% - 0 Points Loan Amount to $1,000,000

7 Year ARM 5.875% - 0 Points Loan Amount to $1,000,000 7 Year Interest Only 6.125% - 0 Points Loan Amount to $1,000,000

5 Year ARM 5.75% - 0 Points Loan Amount to $1,000,000 5 Year Interest Only 6.00% - 0 Points Loan Amount to $1,000,000

Add 1/8% to Rate for N.Y.

Super Jumbo from $1,250,000 to $2,500,000 add 1/4% to Jumbo Rates above.

Weekly Mortgage Market News 11/19/07

Michael Carew — Sun, 18 Nov 2007 09:16:51 -0800

Provided to you Exclusively
By	Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Cell: 201-906-0050
E-Mail: michael.carew@njlenders.com

For the week of Nov 19, 2007 --- Vol. 5, Issue 47

Last Week in Review

"I CAN SEE CLEARLY NOW, THE RAIN IS GONE..." Johnny Nash hit number one on the charts with this classic tune in 1972...and 35 years later, Fed Chairman Big Ben Bernanke is singing the same tune, mentioning in comments last week that the Fed would be more transparent so we all can see their policies clearly.

The new, improved, and more transparent Fed is a far cry from the days of "The Cryptic One"...Former Fed Chair Alan Greenspan, who was famous for his hidden messages. After a Greenspan speech, many traders were left scratching their heads and wondering what exactly was said. In sharp contrast, Bernanke has been very clear and easy to understand.

More importantly, Ben has done a good job of keeping inflation under control. The latest read on inflation was tame for last month, as a large jump in energy costs were offset by meek automobile, housing, and clothing prices. This suggests that higher oil prices haven't yet pushed up the prices of other goods overall.

But one topic that is still cloudy is the Fed's next move on December 11th. The latest chatter from the "more transparent" Fed indicates that the Fed will not cut - but traders in the pits are betting the ranch on another quarter-point cut. One thing is very clear - this topic will be debated right up until the Fed makes the announcement.

Bonds and home loan rates saw quite a bit of activity in the holiday shortened week, but ended up exactly where they started.

THANKSGIVING WITH ALL THE TRIMMINGS IS RIGHT AROUND THE CORNER...WILL YOUR WAISTLINE END UP EXACTLY WHERE IT STARTED? READ THIS WEEK'S MORTGAGE MARKET VIEW FOR SOME INTERESTING TABLE TOPICS.

Forecast for the Week

What little economic news we'll have during this Thanksgiving Holiday shortened week takes place this Tuesday and Wednesday...and the market is scheduled to close early on Wednesday and Friday with a full-day close on Thursday.

The most interesting news of note for the coming week will be the latest housing data, coming with Tuesday's release of the Housing Starts and Building Permits report. Also on Tuesday, the Fed "unplugged"...the Minutes from the last Fed meeting will be released, providing the commentary and discussion between both voting and non-voting members. This may provide additional insight into the Federal Reserve's recent decision to cut rates by another quarter percent - and any unexpected comments could cause some movement in Bonds and home loan rates prior to the Thanksgiving Holiday.

In general, Bonds and home loan rates have improved in recent weeks - and until a catalyst arrives to knock Bonds and home loan rates off the "Up Escalator" of improvement, we will likely continue to see more of the same.

Chart: Fannie Mae 6.0% Mortgage Bond (Friday Nov 16, 2007)

The Mortgage Market View...

A DAY OF THANKS

Thanksgiving is upon us! This popular autumn holiday traces its roots back to a three-day feast held in 1621 to celebrate the blessing of a bountiful harvest. It took more than 240 years, however, for Thanksgiving to become a national holiday. In 1863, President Abraham Lincoln finally proclaimed the last Thursday of November as a national day of thanksgiving. Years later, President Franklin Roosevelt stated that Thanksgiving should always be celebrated on the fourth Thursday of the month--as opposed to the occasional fifth Thursday.

Mmmm... Eel and Seal. My favorite!

What exactly did the pilgrims eat at the first Thanksgiving? According to food historian Kathleen Curtin, the answer may surprise you. In addition to wild turkey, other popular sources of meat that were likely served include eel, clams, lobster, wild goose, eagles, venison, and seal...yes, seal. Peas, beans, and carrots were probably on the table, but sweet potatoes and corn on the cob weren't. And although pumpkins were likely consumed, pumpkin pie wasn't...because no such thing existed at that time.

Talking Turkey...272 Million Turkeys!

The popularity of turkeys during the holidays and throughout the year has turned turkey farming into a big business. In fact, the USDA National Agricultural Statistics Service estimates that 272 million turkeys will be raised in the US this year alone. That's an increase of 4% over 2006!

Weighing In on What We Eat

Ever wonder how many cranberries, pumpkins, and other Thanksgiving Day foods we go through each year? The US Census Bureau has the skinny! According to their research, the US produces some serious poundage when it comes to these holiday favorites, including:

690 million pounds of cranberries
1.6 billion pounds of sweet potatoes
1 billion pounds of pumpkins
841,280 tons of snap green beans

No wonder we feel so full after those holiday meals!

Can Turkey Really Make You Tired?

Here's how the story goes. Turkey contains tryptophan...which helps the body produce niacin...which then helps produce serotonin. And serotonin is the key to this theory because it calms the brain and induces sleep.

The problem with that theory is that tryptophan actually works best on an empty stomach-which most of us don't have after our Thanksgiving feast! So, it's more likely that the heaviness and the high carbohydrate content of the entire Thanksgiving meal are responsible for that sense of lethargy you feel, as your body works to digest it all. Add a glass of wine or a cocktail to your meal, and you'll increase that sense of sleepiness even more.

Here's to another happy Thanksgiving Day for you and yours! As always, if you have any questions or need any assistance, please don't hesitate to call.

The Week's Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of November 19 - November 23

Date	ET	Economic Report	For	Estimate	Actual	Prior	Impact
Mon. November 19	10:00	Index of Leading Econ Ind (LEI)	Oct	NA		0.3%	Low
Tue. November 20	08:30	Building Permits	Oct	1190K		1226K	Moderate
Tue. November 20	08:30	Housing Starts	Oct	1160K		1191K	Moderate
Tue. November 20	02:00	FOMC Minutes	10/31				HIGH
Wed. November 21	08:30	Jobless Claims (Initial)	11/17	330K		339K	Moderate
Wed. November 21	10:00	Consumer Sentiment Index (UoM)	Nov	75.0		75.0	Moderate
Wed. November 21	10:30	Crude Inventories	11/16	NA		2814K	Moderate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial services and other professionals only and is not intended for consumer distribution. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.
As your trusted advisor, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.
Michael Carew
NJ Lenders Corporation
20 Sheridan Avenue
Ho-Ho--Kus, N.J. 07423

Mortgage Market Guide, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. Mortgage Market Guide, LLC does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

Mike Carew's Mortgage Rates for NJ.NY,CT. 11/12/07

Michael Carew — Tue, 13 Nov 2007 15:45:28 -0800

NJ Lenders Corporation 20 Sheridan Ave., Hohokus, N.J. 07423 N.J. & CT. Rates
Conforming Rates

30 Year Fixed Rate 6.25% - 0 Points Loan Amount to $417,000 15 Year Fixed Rate 5.875% - 0 Points Loan Amount to $417,000

Jumbo Rates

30 Year Fixed Rate 6.50% - 0 Points Loan Amount to $1,250,000 NEW!!! 15/30 Fixed Rate Balloon 6.25% - 0 Points Loan Amount to $1,250,000

10 Year ARM 6.25% - 0 Points Loan Amount to $1,250,000 10 Year Interest Only 6.50% - 0 Points Loan Amount to $1,250,000

7 Year ARM 6.125% - 0 Points Loan Amount to $1,250,000 7 Year Interest Only 6.375% - 0 Points Loan Amount to $1,250,000

5 Year ARM 6.00% - 0 Points Loan Amount to $1,250,000 5 Year Interest Only 6.25% - 0 Points Loan Amount to $1,250,000

Add 1/8% to Rate for N.Y. Super Jumbo from $1,250,000 to $2,500,000 add 1/4% to Jumbo Rates above.

Mike Carew's Mortgage Market Guide 11/12/07

Michael Carew — Mon, 12 Nov 2007 13:42:35 -0800

If you can't see the newsletter, or would like to view it online, use this link

If you have received this newsletter indirectly and would like to be added to our weekly distribution list, use this link

Provided to you Exclusively
By	Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Cell: 201-906-0050
E-Mail: michael.carew@njlenders.com

For the week of Nov 12, 2007 --- Vol. 5, Issue 46

Last Week in Review

DING-DING-DING!! When the bell sounded at the end of the trading day on Friday, traders trudged off the scenes like defeated boxers at the end of a grueling match. Stocks got pummeled last week with a 600-point decline on the Dow, during a week that was full of subprime home loan related headlines. Write-downs of the value of these holdings spooked the financial sector, which led the Stock market on its slide lower.

Normally, Mortgage Bonds and home loan rates find improvement when money is flowing out of Stocks - that money being pulled out needs somewhere to sit, and Bonds are generally the glad recipient. And while some Bonds did enjoy a great week - like Treasury Bonds - Mortgage Bonds actually worsened because of their relation to the issue at hand, fears of the credit quality of these Bonds, and home loan rates worsened slightly as well. And if the Stock market had not sold off so hard, sending money into all types of Bonds, Mortgage Bonds and home loan rates would certainly have been much worse off.

BUT REGARDLESS OF MARKET UPS AND DOWNS - SLOW AND STEADY WILL WIN THE RACE TO YOUR COMFORTABLE RETIREMENT. READ THIS WEEK'S MORTGAGE MARKET VIEW FOR A FEW EASY WAYS THAT YOU CAN ENSURE YOUR OWN PLANS STAY ON TRACK.

Forecast for the Week

With the market closed on Monday in observance of Veteran's Day - the rest of the week will roar into action with a packed economic calendar, including a look at retail sales numbers, consumer and producer inflation, and the manufacturing sector too.

Remember that when Bond prices move higher, home loan rates improve - and you can see in the chart below that despite some ups and downs, Bond prices have overall been trending higher over the last few months, meaning home loan rates on conforming loans have improved in general. Any weak or negative economic news arriving this week should help money flow into the safe haven of Bonds, helping Bond pricing move higher and home loan rates move lower. And the chart also shows some nice technical "floors of support" that may help Bonds continue their overall trend of improvement.

But lingering concerns on the credit quality of Mortgage Bonds could hamper their road higher - so this week could be volatile, depending on the flavor of the headlines on this topic. And in this week's planned economic releases, any scent of inflation in the reports will be very bad news for Bonds - which deliver a fixed return that is eroded by the effects of inflation - so that would spell bad news for home loan rates as well.

Chart: Fannie Mae 6.0% Mortgage Bond (Friday Nov 09, 2007)

The Mortgage Market View...

DID YOU KNOW...

Give Your Retirement Plan a Raise

Make a Big Impact Without Denting Your Budget

Out of Sight, Out of Mind Investing

Don't forget to make your investments automatic. It's much easier--and a lot less painful--to have that money simply deducted from your paycheck and electronically deposit. You'll save the same amount every month...and save yourself the trouble of writing that check!

Eliminate High Rates

Want to earn a 17%, 18% or even 19% return right away? It's easy...put together a plan to pay off your credit cards faster, starting with the highest rates. By paying it off quickly--and keeping it paid off--you'll eliminate the high interest charges that tighten drain budget and often put people into a downward spiral of debt.

Make the Most of Matching Contributions

If you have access to a 401(k) retirement plan, make sure you are using it - especially if you get matching contributions from your employer. See how much you have to contribute to earn the full matching amount from your employer - and if you can't contribute that much right away, start small and steadily increase your contribution over time until you reach it. You'll double your money with the employer's match...and your contributions are generally taken out of your check pre-tax, so your savings costs even less in real, after tax dollars.

It's NOT All or Nothing

And remember, if you have any questions - including how a mortgage can be structured to jumpstart your retirement plan or a recommendation to a great financial planner - please don't hesitate to call!

The Week's Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of November 12 - November 16

Date	ET	Economic Report	For	Estimate	Actual	Prior	Impact
Wed. November 14	08:30	Retail Sales	Oct	0.2%		0.6%	HIGH
Wed. November 14	08:30	Retail Sales ex-auto	Oct	0.3%		0.4%	HIGH
Wed. November 14	08:30	Producer Price Index (PPI)	Oct	0.2%		1.1%	Moderate
Wed. November 14	08:30	Core Producer Price Index (PPI)	Oct	0.2%		0.1%	Moderate
Wed. November 14	08:30	Crude Inventories	11/09	NA		-821K	Moderate
Thu. November 15	12:00	Philadelphia Fed Index	Nov	6.0		6.8	HIGH
Thu. November 15	08:30	Empire State Index	Nov	21.0		28.8	Moderate
Thu. November 15	08:30	Jobless Claims (Initial)	11/10	320K		317K	Moderate
Thu. November 15	08:30	Core Consumer Price Index (CPI)	Oct	0.2%		02%	HIGH
Thu. November 15	08:30	Consumer Price Index (CPI)	Oct	0.3%		0.3%	HIGH
Fri. November 16	09:15	Industrial Production	Oct	0.1%		0.1%	Moderate
Fri. November 16	09:15	Capacity Utilization	Oct	82.1%		82.1%	Moderate

This message was sent from Michael Carew to michael.carew@njlenders.com. It was sent from: NJ Lenders Corporation, 20 Sheridan Ave, Hohokus, Ne 07423. You can modify/update your subscription via the link below.

Comment on this message

Manage your subscription

Receive our messages as an RSS feed

Mortgage Market Guide 11/3/07

Michael Carew — Sat, 03 Nov 2007 15:55:58 -0700

If you can't see the newsletter, or would like to view it online, use this link

If you have received this newsletter indirectly and would like to be added to our weekly distribution list, use this link

Provided to you Exclusively
By	Michael Carew

Michael Carew
Senior Loan Officer
NJ Lenders Corporation
Office: 201-882-8284
Cell: 201-906-0050
E-Mail: michael.carew@njlenders.com

For the week of Nov 05, 2007 --- Vol. 5, Issue 45

Last Week in Review

"Time is on my side...yes it is" - Rolling Stones. Mortgage prices were jostled and bounced around throughout a wild week of economic news and Fed moves. But in the end, time was on the side of those who were patient, as pricing finished the week right about where it began, leaving fixed home loan rates unchanged.

Last week's highlights included a quarter point Fed rate cut, which brings the Fed Funds Rate down to 4.5%. The Prime Rate now stands at 7.5%, which is good news for home equity lines, consumer and business loans. Additionally, those who have adjustable type loans should see some benefit. But because a Fed cut can stimulate the economy and bring some inflation, fixed home loans tend to worsen a bit after the Fed cuts rates.

The latest read on Inflation was right in-line with the Fed's target. A 1.8% annual Core Inflation rate was reported, which is within the 1%-2% Fed comfort zone - good news for bonds.

Help wanted! Well at least it was for 166,000 Americans during October. This was the best report since May and twice the forecasted amount. The Report showed the rate of unemployment at a very respectable 4.7%. This type of strong report often leads to trouble for bonds, but a look deeper into the numbers showed the Hourly Earnings figure to be less inflationary than expected. The markets are concerned about wage based inflation, but Average Hourly Earnings increased by just 3 cents to $17.58 per hour.

PEOPLE OFTEN WISH FOR MORE TIME. AND THIS WEEKEND THAT'S JUST WHAT WE WILL GET - AN EXTRA HOUR TO CATCH UP ON THINGS OR MAYBE SOME EXTRA SLEEP. FIND OUT THE DETAILS ALONG WITH SOME WILD EVENTS THAT CAN HAPPEN WHEN WE CHANGE TIME, IN THIS WEEK'S MORTGAGE MARKET VIEW!

Forecast for the Week

Have you ever flipped through all your TV channels to find nothing on? Well, that's how market traders will likely feel this week as they flip around for some economic news releases. But the news calendar takes a well deserved rest next week with mostly lower to mid-level reports scheduled. That means bonds will probably trade inside the range illustrated below - unless stocks bust a major move. If stocks rally sharply higher, bonds will be sold off to raise the cash needed to chase stocks, causing home loan rates to rise. Should stocks slump on more fears about credit quality, the proceeds from the stocks sold will be parked into bonds - bidding them up and helping home loan rates improve.

Chart: Fannie Mae 6.0% Mortgage Bond (Friday Nov 02, 2007)

The Mortgage Market View...

Turning Back the Hands of Time

This weekend, the sun sets on another season of Daylight Saving Time. In case you hadn't noticed, Daylight Saving Time (DST) was actually extended this year by an entire month--it began earlier last spring and ran longer into this fall. But, alas, all good things must come to an end...and this year Daylight Saving Time ends Sunday, November 4th.

The extra month that we enjoyed was actually the result of the Energy Policy Act, which was enacted by Congress back in 2005. Originally, the bill was written to extend Daylight Saving by two months, but some very verbal opponents fought the change. Farmers say that DST has a negative impact on their livestock in general--as it is tough for them to adapt to the time change, and they consequently produce less milk, eggs, etc. Because DST is not followed uniformly around the world, airlines claim that it might mean many missed international flight connections. Additionally, TV and Cable stations argued that they would lose viewers and advertising revenue, simply due to less time spent in front of the television because of more time spent outdoors in daylight.

So a compromise of one additional month of DST was reached. However, Congress did retain the right to revert back to the old dates if the change proves to be widely unpopular, or if the energy savings aren't significant.

Why the change?

After making the adjustment to getting up an hour early, Americans overwhelmingly like Daylight Saving Time. There is simply more sunlight in the evenings to enjoy the outdoors and get things done. Additionally, there may be emotional benefits, as we typically feel better with more daylight. Plus, additional hours of daylight can help save energy on a national scale. Less electricity is needed, as fewer lights are turned on as early in the evening...and with energy costs so high, even a small amount of savings is very welcome.

And brighter is safer--studies have shown that the DST shift reduces traffic accidents. An increase in accidents in the dark mornings is more than offset by the evening decrease in accidents, due to the increased visibility gained with more sunlight. Halloween is also arguably safer. Child pedestrian deaths are four times higher on Halloween than any other night of the year. This year, however, trick-or-treaters were able to spend an extra hour gathering treats while it was still light out. Candy manufacturers are happy too, as they've lobbied for years to have DST extended through Halloween.

A study by the US Law Enforcement Admin also determined that crime is consistently lower during DST, with violent crimes down as much as 10% to 13%. For many crimes, like mugging, darkness is a factor--so more light in the evening hours reduces these types of crimes.

And throughout its long history, Daylight Saving Time has had a remarkable and sometimes unexpected impact.

A man was actually able to avoid the draft for the Vietnam War using a Daylight Saving Time loophole. When he was born, it was just after midnight, DST. When he was drafted, he successfully argued that in his home state of Delaware, standard time--not DST--was the official time for recording births. So he was technically born on the previous date--which had a much higher draft lottery number - and he was able to avoid being drafted.

In September 1999, the West Bank was on Daylight Saving Time, while Israel had switched back to standard time. A group of West Bank terrorists prepared some timed bombs--but misunderstood the time change--and the bombs exploded early, killing the terrorists themselves, rather than the intended victims--two busloads of innocent citizens.

In the 1950s and 60s, each state and locality was permitted to choose start and end DST dates as they desired. During 1965, Minneapolis and St. Paul--which are considered one metropolitan area--didn't agree on start dates, and for a period of time, these Twin Cities had a one hour time change between them. And on one Ohio to Virginia bus route, passengers technically had to change their watches seven times in 35 miles!

To keep to their published timetables, Amtrak trains cannot leave a station before the scheduled time. So when the clocks "fall back" in the fall, all trains that are running on time actually stop at 2:00am--the official time of DST change--and wait one hour before resuming their routes. In the spring, the routes instantaneously become one hour behind schedule, but they just keep going and do their best to make up the time.

So Daylight Saving Time sure can have some unexpected impact.

In particular, be sure to double-check all of your electronic devices and confirm that the time is correct. Although you may be accustomed to your computer and maybe even your digital clock in your car automatically updating, the recent change of dates for Daylight Saving Time may require that these devices be manually changed, as they now may NOT be ready to update to the correct time on the correct date!

The Week's Economic Indicator Calendar

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Economic Calendar for the Week of November 05 - November 09

Date	ET	Economic Report	For	Estimate	Actual	Prior	Impact
Mon. November 05	10:00	ISM Services Index	Oct	54.0		54.8	Moderate
Wed. November 07	10:30	Crude Inventories	11/02	NA		NA	Moderate
Thu. November 08	08:30	Jobless Claims (Initial)	11/03	NA		327K	Moderate
Fri. November 09	08:30	Balance of Trade	Sept	-$58.0B		-$57.6B	Moderate
Fri. November 09	10:00	Consumer Sentiment Index (UoM)	Nov	81.0		80.9	Moderate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial services and other professionals only and is not intended for consumer distribution. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.
As your trusted advisor, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.
Michael Carew
NJ Lenders Corporation
20 Sheridan Avenue
Ho-Ho--Kus, N.J. 07423

Mortgage Market Guide, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. Mortgage Market Guide, LLC does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

Manage your subscription

Receive our messages as an RSS feed

Conforming Rates
30 Year Fixed Rate-CT. Properties 6.125% - 0 Points Loan Amount to $417,000	15 Year Fixed Rate 5.75% - 0 Points Loan Amount to $417,000
Jumbo Rates
30 Year Fixed Rate 6.375% - 0 Points Loan Amount to $1,250,000	NEW!!! 15/30 Fixed Rate Balloon 6.25% - 0 Points Loan Amount to $1,250,000
10 Year ARM 6.00% - 0 Points Loan Amount to $1,000,000	10 Year Interest Only 6.25% - 0 Points Loan Amount to $1,000,000
7 Year ARM 5.875% - 0 Points Loan Amount to $1,000,000	7 Year Interest Only 6.125% - 0 Points Loan Amount to $1,000,000
5 Year ARM 5.75% - 0 Points Loan Amount to $1,000,000	5 Year Interest Only 6.00% - 0 Points Loan Amount to $1,000,000

Conforming Rates
30 Year Fixed Rate 6.125% - 0 Points Loan Amount to $417,000	15 Year Fixed Rate 5.75% - 0 Points Loan Amount to $417,000
Jumbo Rates
30 Year Fixed Rate 6.375% - 0 Points Loan Amount to $1,000,000	NEW!!! 15/30 Fixed Rate Balloon 6.25% - 0 Points Loan Amount to $1,250,000
10 Year ARM 6.00% - 0 Points Loan Amount to $1,000,000	10 Year Interest Only 6.25% - 0 Points Loan Amount to $1,000,000
7 Year ARM 5.875% - 0 Points Loan Amount to $1,000,000	7 Year Interest Only 6.125% - 0 Points Loan Amount to $1,000,000
5 Year ARM 5.75% - 0 Points Loan Amount to $1,000,000	5 Year Interest Only 6.00% - 0 Points Loan Amount to $1,000,000

Conforming Rates
30 Year Fixed Rate 6.25% - 0 Points Loan Amount to $417,000	15 Year Fixed Rate 5.875% - 0 Points Loan Amount to $417,000
Jumbo Rates
30 Year Fixed Rate 6.50% - 0 Points Loan Amount to $1,250,000	NEW!!! 15/30 Fixed Rate Balloon 6.25% - 0 Points Loan Amount to $1,250,000
10 Year ARM 6.25% - 0 Points Loan Amount to $1,250,000	10 Year Interest Only 6.50% - 0 Points Loan Amount to $1,250,000
7 Year ARM 6.125% - 0 Points Loan Amount to $1,250,000	7 Year Interest Only 6.375% - 0 Points Loan Amount to $1,250,000
5 Year ARM 6.00% - 0 Points Loan Amount to $1,250,000	5 Year Interest Only 6.25% - 0 Points Loan Amount to $1,250,000