Hello Friends,
Wow what a day! Interesting times but we all knew that right? 4 major headlines today. First, the US Senate passed the new $838 Billion Stimulus Bill with a vote of 61-37. What is interesting was that the "market" or traders had already anticipated this passing when the terrible jobs numbers came out last week and there was a rally last week because of it! Well it is kind of like the day after Christmas, the gift has come and gone and then when more uncertainty hits, it erases all the gains or "gift" it rallied on last week. So much of the market’s reaction is based on emotion, not logic, so we have interesting times ahead still.
Next was new Treasury Secretary Geithner's public speech that had been delayed by a day, already making nervous traders anxious and worried about the US Treasury new TARP II plan (Troubled Assets Relief Program) or the Fed's "Bad Bank" as it has been coined. There wasn't a lot of clarity in his words but his words did raise more concern if the plan will realistically going to help the financial sector and big private banks. Sec. Geithner dropped things like "stress tests" for banks requesting to use the program, guarantees that they will negotiate and help homeowners facing foreclosure and so on.
Third was Fed Chairman Bernanke address to the House Finance Committee where he was followed on the hot seat by Sec Geithner addressing the Senate Finance Committee. After watching both, I would hate to be in their shoes right now.
Finally, kind of a culmination of things, oil closed down a few dollars at $37.35, the DOW just clicked down to -400 as I am typing, and the US Treasury's record $32 Billion 3-yr note auction went very well, causing the 10-yr note to improve by 109 basis points and long range mortgage backed securities to improve 31 basis points, all good news for bonds and mortgage rates.
We do have some ceilings of resistance above bond pricing to try and keep pressure on mortgage rates from going on a huge positive rally but things look good and we should start seeing 30-yr fixed mortgages back in the upper 4% range as the supply and demand issue starts to ease.
Be Blessed!
Travis
Hello Friends,
Crazy days, crazy days! 598,000 jobs were lost in January alone bringing the total to 3.6 million jobs lost since the recession started in Dec 2007 but what is really scary is that half of those were lost in the last 3 months alone. Interesting to see the DOW turn positive on this news but the feeling is that traders are confident now the Senate has no choice but to get this stimulus package pushed through as President Obama said, dire consequences if we dont. At the pace of job losses now, I would have to agree.
Great news though reported yesterday is Fannie Mae's announcment of their DU Refi Plus program due to be available April 3rd. So much of the flawed thinking of the Feds was to lower mortgage rates which we have seen since Dec 17th, but most American's could care less how low rates are becasue they can't qualify to refinance because their value has dropped so much.
Please watch the video for more details of the DU Refi Plus program as well as market news.
Be Blessed!
Hello Friends,
Not a fun day for stocks, bonds or oil, there is nowhere to turn for traders. Most likely bonds are retracting due to some profit taking as that is one of few places else to pull any profit from for traders, most likely the same issue with oil prices today.
For stocks though, with the DOW is down nearly 200 now, ongoing jobless claims set a record once again from the record set last week dating back to 1963. Also, new home sales were down for December by 14.7%, typically not a strong month anyway with the holidays but this certainly was exaggerated this year by setting an all time low drop in one month.
Finally, there are some very interesting numbers being realized with where the Feds are buying mortgage backed securities right now at the 5.5% note rather than the 4.5% note, I explain more in the video, but this action certainly will not drive down rates if they continue with this strategy, they are just guaranteeing they do not get above 6% in the coming months with new inflationary pressures with all the money and bonds they are printing for the bailouts and new $819 billion stimulus plan that just passed.
Please watch the video for details.
Be Blessed!
http://wealthcreationteam.ning.com/video/travis-video-mortgage-and-1
Hello Friends!
Good day for bonds and mortgage rates, average day for stocks, and another bad day for the economy. National home price averages were released today of the 20 major markets with a year over year decline of 18%. The ugly numbers support why yesterday's "existing home sales" number expectations were exceeded, simply due to fire sale deals going on through foreclosures and short sales. The good news is for areas like Phoenix, Vegas and San Francisco that saw over a 30% decline in one year, the worst should be over as the median sales price is a now considered a fair value when gauged against the Consumer Price Index. Also good news for markets that were not hit as hard like ours here in Portland and Seattle, where a more modest decline of 4% was recorded and it still makes a lot of sense to purchase right now.
The big news today was the 2-yr Treasury Note Auction where $40 Billion were offered and surprisingly a strong showing globally and at a national investor level at the auction, made long range mortgage backed securities perform well.
Also hitting the headline was the worst consumer confidence rating in the history of tracking the index since 1967. This surprised many due to the fact that the new administration and inauguration with President Obama had taken place and the buzz of the party was still lingering. I guess the hangover has officially hit.
A lot more in the video, please watch for additional market info.
Be Blessed!
http://wealthcreationteam.ning.com/video/travis-video-mortgage-and
Hello Friends!
Nothing like starting off your Monday morning being torn in all directions for Mortgage Backed Securities. Not to make light of a great Biblical verse where I try to apply this not only in my Faith life but now in the financial and mortgage market I am realizing that the verse "Lean not on your own understanding..." seems to be my daily epiphany. With this crazy economy, things that would typically pull bonds one way or another are having the inverse effect or no effect.
When 3 major corporations announce huge losses resulting in major job cuts this morning as Caterpillar did (20,000) Home Depot (7,000) and Sprint (8,000) stocks should have plummeted and mortgage bonds should have bounced to the positive. As I write this, the DOW is up 100 and Mortgage Backed Securities are down 12 basis points, go figure.
Please watch the video for more details of why this is going on. Have a great day and Be Blessed!
As a Certified Mortgage Planner, it gives me the privilege to help families build for their future as well as continue an ongoing relationship where I become their trusted advisor and debt manager.
About Me:
When I reflect on my life so far, I like to think that it is punctuated with passion: Passion for God, passion for family, passion for the community. This passion fueled my career in the military and later in the Beaverton police department. I served for 11 years as an officer and completed a degree in criminal justice. After my wife became pregnant with our second child, I sought out alternative career opportunities that would allow me to continue to give to the community and fulfill my most important role as father to Karmen and Austin.
Through the process of creating my life plan and business vision with my Christian life and business coach, we found that for my vision to come to life, an excellent team had to be created. I have found like-minded individuals and team players that shared my values and core. We are passionate about serving our clients and empowering their financial futures.
When I am not working, I spend time with my family attending my children's activities, traveling and volunteering as a youth leader with high schools kids with Young Life. I also attend Beaverton Foursquare where my family calls our church home. Some other hobbies of mine include working out, Trail Blazers games and golfing.
Areas of Expertise
Being a Certified Mortgage Planner gives me the privilege to help families build for the future as well as continue an ongoing relationship where I become their trusted advisor and debt manager. I am happy to apply my experiences and keen sense of detail to crafting creative solutions to the financial needs of my clients. Currently I am managing over $70 million in mortgages for my clients and constantly strategizing with market trends and opportunities for my clients to create more wealth and become debt free.
Learn more about our mortgage planning and managment process as my client and referral partner interactive forum at www.neliton.com
My Team
Amy Yoder - Mortgage Planning Partner
Amy works with Travis to ensure that the process of obtaining a loan is productive and painless. She assists Travis in laying out a plan for each client to make certain that each client's goals are met. With Travis' client's best interest in mind, Amy works to find the appropriate loan and lender and gathers together what is needed for each transaction.
Lya Macaya, Transaction Coordinator
Lya works to create a smooth, seamless loan transaction for her clients and all parties involved. It is her responsibility to submit and process all loans while maintaining open communication with borrowers, lenders and Realtors. Lya works directly with clients to be certain that all information needed by the lender for each loan is complete and accurate so that each loan closes easily and timely.
Tyler Colson - Business Development Partner
Tyler's role is to help clients stay in touch once they have left their consultation, finished their home purchase or mortgage redesign and the ongoing management of their mortgage. In addition to keeping clients up to date on the financial and mortgage markets, we will continue to monitor the financing you have chosen and make certain it best matches your short and long term financial goals.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
