Justin McHood

Mesa AZ Mortgage Rates for November 5, 2008

Mesa AZ Mortgage News

In addition to the election results (like the results or not, at least it is over!), we had three pieces of information released relevant to mortgage rates.

First, the ADP employment report confirmed a very weak labor market, showing a loss of 157,000 jobs. (The survey doesn’t include government jobs, and is often a poor predictor of the actual unemployment numbers.)

Second, mortgage applications for last week showed a 20.3% decline, mostly blamed on higher rates. Refinances were down almost 30%.

Third, the November refunding announcement came out at $55 billion: $25 billion of 3-yr, $20 billion of 10-yr, and $20 30-yr Treasury securities. This was pretty much as expected, but generally speaking increasing supply tends to push prices down and rates higher.

Lastly, LIBOR rates continue down, helping credit markets, although the direct impact on 30-yr mortgage rates will be delayed -- it is still a very good thing!

As always, we are your local Mesa AZ Mortgage experts and look forward to helping you with your mortgage needs!

Gilbert Arizona Mortgage Rates October 31, 2008

Gilbert Arizona Mortgage News

In honor of Halloween, we will try to be "scary funny":

A mother asks her son what he wants to be for Halloween.

“I want to be real scary. I want to be Freddie!”

The mom replies, “Freddie Krueger? From Nightmare on Elm Street?”

“No”, the boy replies,

“Freddie Mac, from Nightmare on Main Street!”

As always, we are your local Gilbert Arizona Mortgage Experts and look forward to helping you.

Mesa Arizona Mortgage Rates

Well, since things are setting in since yesterday's .50% rate cut by the Fed, the next issue on the horizon is the possibility of the government directly stepping in and helping borrowers (over and above what they have already done including owning the GSE's and taking an ownership stake in many of the largest banks).

A plan is being worked out between the FDIC and the Treasury which could cover as many as 3 million homeowners in danger of foreclosure and cost $40 billion to $50 billion. Federal officials could announce a new program as soon as late this week or early next week and it could cover as much as $600 billion in mortgage loans.

As always, we are your local Mesa, Arizona Mortgage Experts and look forward to helping you!

Chandler Arizona Mortgage Rates October 28, 2008

Chandler Arizona Mortgage News

The Fed begins their meeting today, with the announcement on rates expected tomorrow (Wed) at 11:15AM PST. It is generally expected that there is going to be a rate drop between .5 to 1 full percent -- But will that really help mortgages? Only time will tell.

As always, we are your local Chandler Arizona Mortgage Experts and look forward to helping you.

Mesa Arizona Mortgage Rates October 24, 2008

How many zeros are in a “Billion”?

The next time you hear a politician (Republican or Democrat) use the word ‘billion’ in a casual manner, think about this.

A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of it’s releases.

A. A billion seconds ago it was 1959.

B. A billion minutes ago Jesus was alive.

C. A billion hours ago our ancestors were living in the Stone Age.

D. A billion days ago no-one walked on the earth on two feet.

E. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it.

(From an email I received this week.)

As always, we are your local Mesa, Arizona mortgage experts and look forward to working with you.