The Mortgage Interest Rate Lock Advisory for Bangor ME for September 29, 2009

Here are some of the events affecting mortgage interest rates today in Bangor, Maine.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened down 1/32 at 101.31.

The price of the FNMA 30-Year 4.5% MBS coupon closed up 7/32 yesterday at 101.34 (as shown by the white line). MBS wa down as much as 6/32 this morning, but is currently trading up 1/32 at 101.36 (as shown by the blue line). Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage interest rates will be 0.125% - 0.25% worse in price this morning as compared to yesterday, but may improve this afternoon.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Consumer Confidence Index (CCI) for September - consumer confidence declined last month as the Conference Board reported a reading of 52.1, up from a 54.1 reading in August. Analysts were expecting a reading of 57.0. The primary reason for the decline is the current job market: More people are saying that jobs are more difficult to get, and 19.8% of those who have jobs are reporting a decline in incomes. This index provides us with a measurement of the willingness of consumers to spend. A decrease in the index indicates that consumers are less optimistic about their own financial situations, and are less likely to make large purchases in the near future. This resulted in lower mortgage interest rates late this morning.

In other news, Case-Schiller today reported that home prices on average rose 1.6% last month. In addition, 18 of the top 20 metro areas have reported home price increases in each of the last three months. The rate of decline has also improved for the third month in a row, and is now down just 13.3% from a year ago, up from a negative 19% in January.

David Blitzer, chairman of the S&P Index Committee, said that "the rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets"

According Jennifer Lee of BMO Capital Markets, "... house prices looked to have bottomed, which is the much-needed ingredient required to bake this housing market recovery."

Watch this video from CNBC to learn more:

What's Happening With Mortgage Interest Rates Today:

Low to Moderate Volatility. Overall, look for some volatility in the mortgage market today.

My Mortgage Interest Rate Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

• Lock if my closing was taking place within the next 7 days
• Float if my closing was taking place between 8 and 30 days
• Float if my closing was taking place between 31 and 45 days
• Float if my closing was taking place between 46 and 60 days

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 any or all other borrowers.

For the best mortgage interest rates in Bangor, ME, click here.

Common themes heard by a Maine real estate broker when traveling to and fro in the Jeep showing property or in emails, thru phone conversations.

"The nice town I used to live in is not anymore and everyone on my street has moved".  What happened? People, lots of people.

     Traffic grew on roads not designed for that bumper to bumper mob. Safety went down the tubes with the influx of people from all four directions. Insurance costs went up with the crime and the bright sky filled with nightly stars is not so bright anymore with light pollution and industrial smog. Schools, police, local government and housing sprawl happened. But there is an escape route. That's where Maine comes in.

    

You are not cowardly bailing out.

The nice little town you used to live in is still in your head, but not reality anymore. The people are not going to suddenly fold up tents and fly out of there to make it back like it was earlier. Not unless a major industry in your area goes to its knees like say Detroit's car makers or an area that sees jobs head overseas from throwing in the industrial towel.   Maine's Bangor is a city voted in the top 25 of places to retire according to Money Magazine, coming in at number 23. Why? Safe, friendly, super health care and ideal for seniors where Maine is one of the oldest states in the nation. Those seniors need services, and they are all here in the 4th lowest crime state.  The people of Maine are hard working but the pace is not so fast that families, local volunteer traditions are forgotten. Maine also has four distinct seasons..with fall leave peeking brilliant oranges, reds, yellows and a million shades of green just starting to explode like a second bloom of color in "Vacationland" also know as "The Pine Tree State."

    Seniors were raised with better values and a sense of pride, not expecting the world from someone else. They live within their means on the retirement check that follows them where ever they live. They have time to volunteer and enrich an area's quality of life too. It is not a bad thing to be labeled "Maine, a great place to retire"  along with the title of super place to see wildlife, enjoy crime free living, or bluer skies than they've ever seen before. Here's the list of Top 25 places to retire in the United States.

Maine..Your Car Should Be Pointed North In Your Driveway For A Quick Getaway. Find ME Real Estate Values.

The expressions...facts, just the facts in detective work, news reporting were the benchmark to seek for years, decades, centuries.

To not introduce speculation, to let personal agendas to influence the news and to avoid drama, spin, sensationalizing was the basis of good factual news reporting years ago. Now as talking heads want to be the news as much as covering it to advance their career and as news becomes entertaining, flip, cool, the 5 w's are lost in the shuffle, the shift. Wrote an article on MeInMaine blog this morning about my life as an earlier Maine record spinners, news gatherer.

Capturing live audio from the Bangor Maine, state newsmakers was a new thing for small time radio used to only reading/heading news about the local area if it was on the wire service.

Does everything you plant and see here go syndicated, get transmitted thru other blogs above and beyond the social media sites the populate the cyber waves?

Maine REALTOR Andrew Mooers - Maine, Fun, Down To Earth Family Based Living.

In Bangor Maine, August 28-30 is one big musical party in Penobscot County.

Many stages set up with a variety of performers around the clock. Super ethnic food, running into friends, listening to music from performers around the world.  Summer weather in Maine.

Learn more about the American Folk Festival in Bangor Maine.  Have enjoyed several years of wandering along the Penobscot River and visiting the different venues for a wide variety of music and artist.

Everyone is heading to Bangor to take in the food, music, event that is worked on a year before each production.

And the shows get better and better attracting a larger crowd, super talented musicians.

Maine REALTOR Andrew Mooers - Maine, The Place To Slow Down, Enjoy Life.

    

His best band we followed over the years was "Bootleg" in Bangor Maine.

When you make music for a living, or to subsidize your living, you see quite a cross section of life from a stage. As you set up for a gig in a bottle club, or  wedding or for a charity dance, my brother Steve said it let you see all ages showing up to move and groove, shimmy and shake. Friends meeting for a drink, to joke. Cougars trying to capture some youth. Three piece suits, blue jeans. Long hair, short hair, no hair. They come to laugh, to let go for a few hours, to forget, to socialize, to let their hair down. To get higher, to go lower. Getting along like the animals to the right.  It's a party and new friends, old friends, ones you have not made yet. All in the same room, same event, same venue for a few hours. Assembled for entertainment, enjoyment, to get lost, found or looking for something they need or think they do.

    

Some of the crowd are happy campers, some have had hardship and it shows in their face, their steps. Some want to fight, carry baggage with hair trigger latches.

But for a few hours, they suspend from what they do day in and day out, they walk away from personal problems, bad marriages, problems with health or their children's issues. Or they just take a break from a good life, as a distraction, a stress release valve. My brother Steve who was a singer, a keyboardist said you would look out over the crowd from the stage and see the lady removing her wedding ring, the guy getting a few too many drinks into him and his voice volume increasing, his words slurring. You saw folks really excited when you played a request they made that was very significant to them. And here comes the husband as the night progresses and the boyfriend getting suddenly scarce.

     Brother Steve said you made sure to brag up the hardworking bartenders, the waitresses and reminded the audience to tip til it hurt as they workers there and the band breathed in two packs for each smoking patron of second hand smoke a night. Tearing down the equipment at 2am and heading home to hit the sack with songs, images, videos still playing from that night's gig which is now history as they split the take among the band memebers. Life as a musician. For some it's a job, a hobby and others wanting to be in the top 1% who make it big, touring worldwide for awhile. We are all colors, shapes, sharpness like a box of crayons as an earlier AR blog referenced. We are all in the same box. And have to get along, learn from each other. We entertain each other, make each other feel good about ourselves. Smiling, singing with your heart not your head. Caring, sharing with others.

     Like Billy Joel in the "Piano Man" song,  everyone has a tale to tell, a life to lead, things to do. Mistakes made, success bragged about. Lost opportunities, lucky breaks. It's your life. Do you get out and dance, do you laugh with friends, are you having fun besides just working your fingers to the bone? Do you worry too much? Not enough? Would you like to be in a band and what type of music do you like? My kids have 3500 plus songs in their ipods and exposure to that big a library and earlier days in radio and I'd be pretty hard pressed to find a type or genre of music I don't like. Right now taking in a Farm Aid concert with Neil Young telling me it's time to get back to the country, the place it all started. And now Dave Mathews is jamming and hitting a chord within that says small town rural living, growing your own food, raising animals and crops and teaching your kids work ethic, responsibility are not that bad an idea afterall. Where would we be without music from Steve Earle, Harry Chapin and others that make your think, reflect, consider your course in life?  Music is the mortar for your cracks and helps connect the dots, making what is vague crystal clear.

Maine REALTOR Andrew Mooers - Maine, Slow Down, Live The Good Life And Get Here Quick As You Can.