Below are commentaries on the mtg rates. The jobs report show 162,000 jobs were created in March - perhaps making that the biggest one month increase in 3 years. There is no more support on the Feds buying Mortgage backed Securities. Rates are still really good right now but I assume that we can expect to see rates gradually get higher over time. Looks like a bumpy ride is in store for us!
Happy Passover and Happy Easter - may this weekend be a good one for pondering our lives and finding ways to bless those around us.
(BTW: I would like to give you info on an upcoming Short Sale Webinar that will be presented on Thus Apr 8th -I'm not allowed to provide info in this communication. If you would like to obtain details on it please email me and I'll send you the link to access registration.)
From Think Big, Work Small
More trouble for the interest rate sector this morning on the releases of the employment report at 8:30. The headline is an increase in jobs by 162K with the unemployment rate unchanged at 9.7%. While the overall number of jobs was less than expected, the increase in private jobs (non-government hires) was more than thought and the addition of census workers to the job market was much less than expected. The upward revisions to Jan and Feb, increasing the total another 40K frm original releases.
Census workers were expected to have added the majority of the job growth, however not the case. Census workers accounted for only 48K of the jobs, the jump in employment numbers came from an increase of 123K jobs in the private sector, much higher than economists were expecting. Service and manufacturing sectors added 99K jobs, the third consecutive month that saw increases in manufacturing. Another surprise, average hourly earnings actually declined 0.1%; normally average hurly earnings increase at a steady +0.2% each month.
The reaction hasn't been good in the bond and mortgage markets; What concerns us is the small number of census workers hired in March, looking forward we can now expect stronger employment reports over the next few months driven by addition of many more census hires than previously expected.
Look for closing prices today at 12:00 PM. There is nothing left now but to wait out the clock
From Dick Lepre, San Francisco
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Friday April 2, 2010
BLS Jobs was +162,000. Consensus was +190,000. What is interesting here is that the consensus was for a much larger gain in census jobs so the data is really much better than expectation. About a quarter of the jobs added were temporary census workers but manufacturing also showed gains. The Average work week was up by 0.1 hours but wages were down. The effect on this data on markets in minimized by the holiday. Mortgage rates are up.
Thursday April 1, 2010
Initial Jobless Claims: 439,000 consensus was 440,000, previous was 442,000. Construction Spending was -1.3%. ISM Manufacturing Index was 59.6. Consensus was 57.0.
From Freddie Mac
Long-Term Mortgage Rates at Second Highest Level This Year April 1, 2010
McLean, VA - Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.08 percent for the week ending April 1, 2010, up from last week when it averaged 4.99 percent. Last year at this time, the 30-year FRM averaged 4.78 percent.
The 15-year FRM this week averaged 4.39 percent, up slightly from last week when it averaged 4.34 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.10 percent this week, down from last week when it averaged 4.14 percent. A year ago, the 5-year ARM averaged 4.92 percent.
The 1-year Treasury-indexed ARM averaged 4.05 percent this week, down from last week when it averaged 4.20 percent. At this time last year, the 1-year ARM averaged 4.75 percent.
"Interest rates for fixed mortgages rose this week following a run up in long-term bond yields, while ARM rates eased slightly," said Frank Nothaft, Freddie Mac vice president and chief economist. "Rates on 30-year fixed loans were the highest since the starting week of this year.
"Home-price declines continue to moderate with more metropolitan areas showing stabilizing or rising values. Compared with one year ago, house prices were down 0.7 percent in January 2010 in the S&P/Case-Shiller® 20-City Composite Index, which was the smallest 12-month decrease since January 2007. Nine of the cities experienced positive growth, led by San Francisco's 9.1 percent annual gain. Recently, the Mortgage Insurance Companies of America reported that homeowners who moved out of default outnumbered those who became newly delinquent in February, which was the first such occurrence since March 2006."
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Open Door Agency
I've worked with the folks from Open Door since around 2002 or so. They're very sincere and just plain good people. They do a bang up job helping all kinds of folks from homeless to getting ready for homeownership to counseling on foreclosure prevention and reverse mortgages. I don't know of too many agencies that offer services in Washington County so please support them whenever you have the opportunity to do so.
Mission Statement
Educate and assist underserved households to obtain and retain affordable permanent housing; provide immediate basic human needs for community residents; promote client self determination to achieve a better quality of life.
Open Door Counseling Center Services
- HUD Approved Home Buying Counseling
- Loss Mitigation Counseling (mortgage foreclosure prevention)
- Reverse Mortgage Counseling (HECM)
- Financial Counseling
- Home Buyer Education Workshops
- Homeless Drop-In Center
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Open Monday - Friday 9:00 a.m. - 5:00 p.m.
34420 SW Tualatin Valley Highway Hillsboro, OR 97123 Phone 503.640.6689
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ATTENTION FIRST-TIME HOMEBUYERS Need help with a down payment or closing costs? Apply for the VIDA program today! * Contact us for details *
Pre-Purchase: Overview We specialize in assisting first-time homebuyers with understanding and preparing for the home buying process. Our friendly HUD-approved housing counselors are available to assist you in realizing your goal of homeownership. Our services include assistance in:
- Helping you set realistic goals
- Understanding credit reports and improving credit scores
- Assessing spending habits
- Developing a workable spending plan
- Saving for a down payment and/or closing costs
- Exploration of financial assistance programs
- Education in all aspects of home purchase
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Best of all, there is $NO COST$ for this counseling. These services are paid for through government grants and private donations. All the more reason for you to find out how we can prepare you to realize your dream, owning your first home.
Make a Donation : Open Door's Wish List
This is our wish list of what we need to help us continue to provide our much needed services to the local community. Please remember that any donations are tax deductible and...
Greatly Appreciated!
We will be adding to our list on a regular basis - If you would like to donate an item not on the list, don't hesitate to give us a call.
CASH DONATIONS ARE ALWAYS WELCOME AND MUCH NEEDED
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Cash donations may be mailed, hand delivered, or, for your convenience, sent through our PayPal account. After payment through PayPal, you will receive a printable receipt for your records.
Other "Wish List" items....
NONPERISHABLE FOOD ITEMS Food boxes are always needed, but we do not always have enough food on hand to satisfy the demand. We always need items such as; canned meats & vegetables, soups, bread, grain items, cheese, etc. TRI-MET BUS TICKETS Bus tickets are very important in helping people get back on their feet. Transportation to job interviews, etc. is critical. Although bus 'passes' expire, bus 'tickets' do not. WARM SOCKS Although a small item, socks for men and women are much sought after in our homeless day shelter. TENTS Homeless shelter. SLEEPING BAGS Beds for the homeless. BLANKETS Twin & Full SET OF SHARP KITCHEN KNIVES These would go a long way in helping us to prepare the daily meals for drop-ins in need. POSTAGE Open Door assists clients across the nation and incurs high postage costs. Any donations, towards this standard operational cost, helps us allocate funds to other important areas of the agency. CURRENT COMPUTERS MONEY FOR A LARGE OUTDOOR SIGN We need a larger sign to let the community know what we are doing here. Any assistance would be appreciated
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