Good morning,
I hope everyone enjoyed their Thanksgiving. My wife, Shannon and I hosted a big family meal for 13 people. There is always a little stress with the preparation but everything went off without a hitch. I always enjoy getting to see the whole family together. I also enjoy the leftovers!
Well, we’ve seen a spike back up in interest rates as expected. There is never any way to be certain how long the window of opportunity will last. One thing I advise my clients to do is to take a look in these times and figure out what rate scenario would make sense to pull the trigger on. This is a great way to avoid trying to make the decision in such a limited time frame. If 5.5% doesn’t make sense, does 5.25%? If so, then we can pull the trigger the moment 5.25 comes back. I’m always more than willing to put the numbers together and do an analysis. I still expect that we are going to see a few dips here or there back down in the coming month from what we have been seeing overall.
Have a great week.
30 Year Fixed: 5.625
15 Year Fixed: 5.375
Matt
“I hope everyone took the time to get out and vote yesterday. This is only my fourth presidential election I’ve closely followed but after seeing the senate race I am beginning to believe that regardless of whom you favor, every vote is going to really count. Over 1.2 million votes cast for each candidate and they are only separated by one or two thousand? Crazy.” Who would have thought when I wrote this last week that the count would be widdled down to a difference of 200 votes? Maybe each one should get the job for half the time?
For the first time in six weeks we have had rates hold steady for a full week. I never expected that to be intriguing news. The news coming from the Retail sector this past week could end up affecting interest rates for the better by driving investors away from the stock market. This week has seen projections and numbers from the likes of Best Buy, Macy’s and Circuit City with severely lowered income predictions, massive losses for the 3rd quarter and announcing the closing of 150 stores respectively.
I also came across this article on retirement saving that I thought some would find interesting and informational. Even in the current economic climate, we always want to be looking forward.(http://money.cnn.com/2008/11/06/pf/expert/save_retirement.moneymag/index.htm?postversion=2008111007)
Have a good week. 30 Year Fixed: 6.125 15 Year Fixed: 5.875
Matt
mattroyer.net
I hope everyone took the time to get out and vote yesterday. This is only my fourth presidential election I’ve closely followed but after seeing the senate race I am beginning to believe that regardless of whom you favor, every vote is going to really count. Over 1.2 million votes cast for each candidate and they are only separated by one or two thousand? Crazy.
Being that the economy is weighing on many minds, I found a brief article this morning going over our new President’s stance on many fiscal issues. This may be a useful way to re-familiarize ourselves with the general ideas that Obama is coming to the table with and find where we can benefit from them.
So in keeping pace with our month long week to week rate swings, rates have dropped down again this week. This weeks drop was due to a massive election day rally. Yesterday was the only change in the week versus last Wednesday’s market update. Analyst’s explanation of this is mainly due to the belief that market prefers certainty and knowing that the Presidency would be decided by days end seemed to help the rally. In other words, sometimes analysis cannot explain phenomena or as my wife would put it: “It is what it is.”
Have a good week. 30 Year Fixed: 6.00 15 Year Fixed: 5.75
Matt
Good Morning,
Well, as they say: What goes up, must come down. The increasing global recession fears coupled with the poor earnings reports from the likes of Wachovia and Boeing have pressured stocks lower over the past couple days and been a positive boost to mortgage bonds, lowering interest rates. As we saw back in early September, we have had some very unpredictable and small windows of opportunity with interest rates below 6%.
If you are thinking it’s time to pay attention to something other than the immediate market ups and downs, I hear there is a World Series that is about to start. With any luck, it will be a drama filled series by two strong teams who refuse to give up.
Have a great week.
30 Year Fixed: 5.875
15 Year Fixed: 5.625
Matthew Royer
Mortgage Planner
Homes Mortgage
ofc 651 770 0637
cell 612 232 7646
www.MattRoyer.net
Good Morning,
We have seen quite a bit of volatility over the past week. The passing of the bailout bill seemed a bit too late for Wall Street on Monday as the stock market dropped significantly again. This drop ended up benefitting mortgage backed securities and lowering fixed interest rates. As of this morning they are still remaining low but news of the latest Rate Cut of .5% made by the Federal Bank today to correspond with rate cuts by central banks worldwide to help stem damage of this economic crisis has left the market exceptionally volatile once again. These rates could change in the next couple minutes or in a few hours. We are expecting them to rise today based on the market reaction to the Federal Banks rate cut.
Here’s a good article on what this economic crisis means for you. I believe it to be a very good sign that there is worldwide coordination to keep the economic damage to a minimum. No one can tell us what will happen going forward but having a contingent of the finest economic minds on the globe is not something to take lightly.
Have a great week.
30 Year Fixed: 5.875
15 Year Fixed: 5.625
Matthew Royer Mortgage Planner Homes Mortgage ofc 651 770 0637
Mortgage Planner of 8 years, specifying in ensuring that homebuyers both understand and enjoy the mortgage process, not worrying about last minute changes and closings not happening.
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