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The Stock Market's Up Significantly and Interest Rates Are Improving! 03-12-2009

By
Mortgage and Lending with SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) NMLS 223495

Remember when these were all you had to call home when you were on the road?  So do I, and interest rates are lower now than they were back when these were being phased out for touch-tone payphones.

The stock market improved today by more than 200 points.  Interest rates dropped.  Rates are loosely tied to what happens in the bond market.  What happened today is contrary to what usually happens.  Bonds and stocks usually move in opposite directions. 

You don't care why.  Take advantage of it.  If you're looking for a mortgage of any kind, 30 year fixed rates for the best borrowers (good credit, W2 wage earner) are back below 5%, with APRs in the low 5s, depending on your loan adjustments.

Okay.  You're the one person who actually wants to know why.  I'll tell you.  Today's auction by the Federal Reserve of $11 billion in 30 year bonds was mobbed.  Demand was high, so rates fell.  Buyers included foreign central banks buying through investor groups.

The point is, cheap money is available for purchase and refinance.  Call me, and let's talk.

I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.
Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
Think of me as your Tucson mortgage expert.  I only loan in Arizona.

Call me if I can help you with a purchase or refi mortgage;
(520) 349-9090

Comments(15)

Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Mike,

Isn't it about time we hear some 'good news' on the economic front...!!! Thanks,   Fran

Mar 12, 2009 08:21 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Fran,

It really is some good news.  The market was actually up about 240 points at the end of the day, and rates are down again!  Thanks for being the first to comment.

Mike in Tucson

Mar 12, 2009 08:58 AM
Susie Blackmon
Ocala, FL
Ocala, Horses, Western Wear, Horse Farms, Marketing

Hi Mike, I'm more interested in website stuff these days. Pretty boring writing about RE for me right now. This too shall pass.

Mar 12, 2009 11:40 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Mike - Having sunny days, and 3 days of improvement on the Dow, is enough to buoy spirits, that's for certain!  Citibank seems to be healing, and things at GM apparently aren't quite as dire.

Mar 12, 2009 12:54 PM
Kevin & Maryellen Garasky
KMG Mortgage Group - Kevin & Maryellen, Idaho & Washington - Coeur d'Alene, ID
KMG Mortgage Group - ID & WA

Mike,

Why was this not a featured post?  Urgh...  Good news and it doesn't make it to the front page of AR.  "Waiter, please, I'd like to complain..."

I'm flagging!  And, re-blogging!!!

Maryellen

Mar 12, 2009 04:34 PM
Ann Heitland
Retired from RE/MAX Peak Properties - Flagstaff, AZ
Retired from Flagstaff Real Estate Sales

Good news. Thanks for coming back on Surprise!

Mar 12, 2009 05:06 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Ann,

You're welcome!  It's good to see you.

Maryellen,

Thanks for the encouragement and the ReBlog!

Myrl,

I took two new applications today.  I'm smiling in sunshine!

Susie,

Thanks for stopping by; I hope you're continuing to do well.

Mike in Tucson

Mar 12, 2009 05:12 PM
Ann Heitland
Retired from RE/MAX Peak Properties - Flagstaff, AZ
Retired from Flagstaff Real Estate Sales

Mike, I just "reblogged" you to my other blog: http://blog.bestflagstaffhomes.com/public/item/228561

Mar 12, 2009 05:22 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Mike,

Thanks for the easy to understand explanation..Good news!!!

Mar 13, 2009 12:00 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Dorie,

You're welcome.  I wish you much success today.  Right now.  This weekend.

Ann,

Thanks for ReBlogging!  You're the best!

Mike in Tucson

Mar 13, 2009 12:43 AM
Kate Kate
San Diego, CA

Mike, Encouraging indicators, just like Spring, are coming out of hiding, if you allow yourself to look for them. Thanks for sharing. What a great way to bring in the week-end.

  • and yes, I used to keep a pile of change in my car to get underwriter status while I was out in the field. kate
Mar 13, 2009 06:54 AM
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Hi Mike: We are starting to see a good spring market here too!

:)

Mar 13, 2009 10:47 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Matt,

I'm glad to hear it!  Thanks for commenting.

Kate,

That's funny about the change.  So you remember what that rotary dial payphone looked like!

Mike in Tucson

Mar 13, 2009 11:41 AM
Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States

Mike - This is great news. And I, too, remember calling in on these phones, as well as my first cell phone that I carted around in a 6"x12" case that weighed a TON.

Mar 15, 2009 01:49 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Karen,

My first car phone had a unit in the trunk, and it was hardwired.  Look at us, trading "old" stories!  LOL

Mike in Tucson

Mar 15, 2009 04:24 PM