Friday Wrap Up (12/2)

Good morning... 

It has been a quick week (if you ask me) and as the weather 
cools down, the markets are starting to real get heated (ohh, 
that was good!) 

The biggest news today out of Washington is the Jobs Report. 
Rather unexpectedly, employers added 120,000 new jobs, and 
the unemployment rate dropped to 8.6%, the lowest level since 
March of 2009. Keep in mind, though, that the amount of people 
who are giving up on their job searches altogether is growing. 
This is also a time of year for hourly workers for the holidays. 
Investors are realizing this; the markets aren't celebrating much. 

As we head into the weekend, the bond markets are surging, 
after a lackluster week that saw big gains in the Dow. The crisis 
in Europe is still the big market mover, The EU leaders meet 
next Friday to discuss changes to the EU treaty. Meanwhile, the 
ECB maybe gearing up to lend as much as $270 billion to the 
IMF in order to reign in the sovereign debt issues in the region. 
The US hinted at participating in the bailout but I really hope that 
that doesn't come to fruition. It's the last thing taxpayers need. 

In housing, we're seeing many trends continue. Delinquencies 
on loans are down, but foreclosure's are up. Radar Logic, along 
with the National Association of Realtors, announced that the 
overall price index on homes fell about 4.5% for the twelve- 
month period ending in September. They also noted that demand 
for housing has increased steadily. I believe this trend will continue, 
especially when you consider that we need to move over 3 million 
single-family homes. Interest Rates should be looking better 
next week (hopefully). Current 30 year is in the 4.0%-4.25% range. 
The Jumbo is in the mid-4%'s. And ARM's for both conventional 
and Jumbo are in the 2.75%-3.75% range. 

Refer a customer who locks in before 12/31/2011 and their appraisal 
fee will be waived! 

Thanks and have a great weekend...