In the news today, Jobless Claims are up for first time applications ot 371,000.  Economists had predicted it would increase to 370,000.  Typically when Unemployment is up the stock should be down and the bond market should be up.  Not always the case as Unemployment is a "lagging" indicator so the report is coming out after the fact and other market conditions affect the markets in "real time".  Just a little educational information today. 

Bond Yield still hovering around 3.9%...Rates on Mortgage loans in the low 6's.  Good Luck 

If you are watching the bond market lately...then you've been holding your breath!  The stock market is is up again today on news from Consumer Prices climbing less than expected and Freddie Mac's (2nd largest mortgage lender) posted a smaller than expected loss.  Freddie Mac's stock price was up and so was Fannie Mae's as investors are hoping this mortgage meltdown is coming to an end.

There's rumor out that Bernanke may raise the Fed's benchmark Fed's Fund rate by a .25% to 2.25% on OCt 29th...So if you are looking to lock in an interest rate, Waiting for lower rates may not happen.  Pick a target rate and lock it in.

Good Luck,

Allan and I actually worked in the mortgage business together (several years ago) before he moved to the Chapel Hill Area and went back to Real Estate!  I hope all you folks in the Triangle Area will take very good care of my friend!

Welcome aboard Allan...Nice to have you on the RAIN... 

http://activerain.com/allannanney

All the best,

Expect higher rates today as the Bond yield is currently at 3.92%.  Not surprising as the Stock Market heads above 13000 again.  Pending home sales down 20% from this time a year ago, but this was expected given the market.

On a side note, how about Walt Disney profits up 22%.  AHHH, the magic of Disney.  Wachovia reported a correction to it 1st quarter loss to an even bigger loss due to Insurance write down.  The mortgage mess is not over yet, but I do see light at the end of the tunnel.

Good luck,

Fannie Mae and UBS lead off this morning with greater than expected losses.  Fannie mae will reduce dividends to raise capital.  UBS will sell $15 billion of subprime mortgages to BlackRock along with slashing 5500 jobs. 

Oil...Oil...Oil  Do I dare bring it up.  Oil is at an all time high and no relief in sight.  Oil companies are raking it in and there's really nothing we can do about it as consumers except deal with it...or start pedaling to work!

Rumors flying about Bank of America and Countrywide deal going bust.  Front page Charlotte Observer this morning reports the deal is A GO!  I won't believe it until I see it finished.  But that is just my opinion.

Pending Home sales, Productivity/Cost, Consumer Credit all report tomorrow.  The Bond Yield continues to hover around 3.8%...Holding rates steady.

Good Luck,

Stock slide on Consumer confidence reporting lowest level since March 2003.  Bonds have been favored and the yield has pushed back down under 3.8% to 3.78%.  Mortgage rates should relax this morning.  Could be a good day to lock in clients.

Tomorrow FOMC meeting could bring out a Fed rate cut, if so it will be the last one for a while.  Upcoming Economic Calendar is as follows:

Wednesday: GPD and Employment Cost.  FOMC at 2:15pm

Thursday: Jobless Claims, Personal Income, Construction Spending, ISM Manufacturing Index

Expect the numbers to still be bad...but remember that the actual reports are measured against expectations.  So we could have a poor reading on Construction Spending but it not be as bad as "we" expected it would be and this might spark the stock market. 

Good Luck,

This week is gonna be interesting.  Stimulus checks go out today and there is a hint that the Fed will lower rates at the FOMC meeting on Wednesday.  Stocks are trying to rise and the bond market is selling up as well.  Yield currently at 3.84%.

Mortgage rates on conventional loans still hovering around 6%, gas prices still climbing, food prices are climbing and unemployment rate still high.  We sure could use a shot the arm!  Good Luck,

Happy Friday to you!  As Midday approaches the stock market is down 90 points and the bond yield is at 3.85%...this should keep the mortgages rates hovering around 6% today.

For those of you awaiting the stimulus package money, the first round of checks are set to go earlier than expected.  First checks set to go out Monday and continue on thru next week.  The next two weeks will be interesting - as we all watch to see if the funds actually spark this economy.

Should be a quiet day today, Good luck...

and I love it!

I recently switched jobs (4/14/08) and began a new chapter in my life.  On first day at Fidelity and Trust Mortgage I had to learn the computer and the ropes by fire.  Keyed my first loan and closed it in 3 days!  Wow that was fast.  Followed that one with another rapid closing and by then I was an expert on the system.

Then Saturday(6 days later), had my cell phone case stolen off my golf cart...Lost the phone, credit card, cash and drivers license.  I actually found humor in this situation and managed to buy a new phone (blackberry world edition - It is one high powered phone) canceled the card and ordered a new DL fairly quickly.  The Good news is I really like the new phone and its capabilities...Maybe I needed this to happen to force me to get the new one!  The bad news, is that was one very expensive round of GOLF! 

In life, you are either in a crisis, coming out of one, or going back in to one.  It's how well you handle these changes that sets the stage for the next step!  Even though every thing is changing around me, I am finding positive ways to cope with the set backs.  And I am actually enjoying going to work again!

Today could be a very peaceful day with no major reports on the economic calendar.  Citigroup reported another $13 Billion in writeoffs - due to sub prime exposure.  Still waiting hear how Bank of America faired this past quarter. 

For today, look mortgage rates to relax - we had a late reprice for the better at 4:30pm yesterday.  I see the stocks doing okay today and hopefully the bon market will relax and keep rates close to 6%.  Keep your eye on Google's Stock...Many predict this one stock will rise again!  Good luck,