Westalke Rate Advisory

Mortgage and Lending with Core Financial Soultions, Inc

Core Financial Solutions

Friday's bond market has opened well in negative territory following stronger than expected employment figures. The stock markets are showing modest losses with the Dow down 2 points and the Nasdaq down 8 points. The bond market is currently down 24/32, which will likely push this morning's mortgage rates higher by approximately .375 of a discount point over yest erday's morning rates.

The Labor Department posted November's Employment data this morning, showing that the unemployment rate remained at 4.7% last month and that 94,000 new jobs were added to the economy. Analysts were expecting to see 70,000 jobs and a 0.1% up tick in the unemployment rate.

However, the biggest piece of negative news for bonds actually came in the average hourly earnings reading that showed a 0.5% rise in earnings. This was well above forecasts and raised wage inflation concerns, especially right before next week's FOMC meeting. This led to this morning's bond selling.

The second report of the day was December's preliminary reading to the University of Michigan's Index of Consumer Sentiment. It showed a reading of 74.5 that was lower than forecasts, indicating that surveyed consumers were less optimistic about their own financial situations than was thought. This is good news for bonds, but since it came in the shadow of the Emplo yment report, the data has not impacted trading or rates this morning.

Next week is very busy with relevant events. There is no data scheduled for release Monday, but the last FOMC meeting of the year is Tuesday. Following it, there are several pieces of very important economic news that will be posted the latter part of the week. Look for more details in Sunday's weekly preview.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Please let me know if I can provide loan information for any of your clients. I would be happy to quickly pre-qualify them, provide loan scenarios, or help improve their credit position to obtain a lower interest rate.

I am here to provide you and your clients with exceptional service in a courteous and respectful manner.

Paul Lefton Feature Properties Feature Properties Free Property Records


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James Wexler
wexzilla.com - Scottsdale, AZ

havent seen you in some time. are you working on an outside blog? like wordpress or typepad??

Aug 28, 2008 05:05 PM #1
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Paul Lefton

Simi Valley Home Loans
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