Weekend Update August 28

30 Yr Fixed Conforming – 6.5%

15 Yr Fixed Conforming – 6.125%

30 Yr Fixed Jumbo 6.875%

5/1 LIBOR ARM – 6 % (w/ 1pt)

7/1 LIBOR ARM – 6.375% (w/ 1 pt)

30 Yr FHA – 6.375%

A good week does not equate to an overheated economy BUT……. if you have missed some of the headlines, they are quite good. As you may remember, the total combined output of our national economy is how we measure if we are in a recession. Our goal is to grow output at a continual rate of 2-4%. If the output actually goes into the negative for two quarters in a row, we consider that a “Recession.” Some states may be see local recessions but the country on a whole is what we look at. As of yet, as much as our media would like you to think, WE ARE NOT IN A RECESSION and just got news today that the GDP grew at 3.3% despite this temporary blip in gas prices.

NAR also released numbers showing an increase in home sales.

Like I said, this is not a guarantee that we have hit bottom but I think we have and it will take a couple/few more months before it becomes mainstream news.

We just need to keep our heads above water until everyone else believes what we know and all will be good.

Links:

http://www.msnbc.msn.com/id/26436824/