Good Afternoon,
I hope you enjoyed the weekend and were able to get outside. I think it’s safe to say spring is here (about 2 months late)! The call will be short today as I’m pretty swamped right now. But that’s a good thing, so here we go....
On today's call: Markets, Housing, Interest Rates
The markets opened up but stayed relatively even for most of the day after a huge gain on Friday. The unemployment numbers were impressive (although I still think they’re skewed) and the S&P increased its record setting level. Investors are still weighing any potential market corrections and should get a big indicator at the end of the week when Ben Bernanke speaks.
In housing, I think the biggest news is from industry giant Lender Processing Services, who reported today that first-time delinquent home loans fell to .84% (of the 50+ million mortgage nationwide) in March, the first month below 1% since 2007. In Chicago, new home sales jumped 19% in the first quarter, hopefully signaling an end to a slump that’s been around for at least six years.
Interest rates took a hit on Friday, as the bond market was down quite a bit with the jobs news. 30 year fixed is up an 1/8th in some cases, but still in the mid-3% range with no points. If you have a scenario you’d like to get a rate quote on, email it over and I’ll do my best to give you a few options.
And don’t forget, we’re able to do commercial deals too!
Have a great week everyone…
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