I'd like to start off this morning's report by recognizing my wonderful wife, Debra. We were married October 3, 1998 at St. Mary's Basilica in Phoenix, AZ. Today makes it nine years. Debra balances the demands of family and work beautifully. Our daughter is an example of the former and our business profitability is a testament to the latter.
I clearly remember the day she changed my life with those beautiful blue eyes. Her beguiling smile still stops me in my tracks today. I love you, Debra.
I'm still maintaining my lock-in at loan application recommendation. I just don't see a tremendous amount of upside to floating the mortgage rate. There is an underlying fear of stagflation in the markets. The American consumer had the flu, caused by the arrested access to easy money. Higher oil prices create a commodity-push inflation effect that The Fed (thankfully) won't ignore. While I agree with the folks from PIMCo that the consumer's flu could throw our economy into a mild recession, I'm not convinced with their conclusion that the Fed will aggressively cut rates to stave it off.
We have four MAJOR economic reports coming out Friday, all employment related. If they are anemic, mortgage rates could drop dramatically; lenders will renegotiate rate locks to reflect that drop. If they appear inflationary, you'll be protected.
I'm going to feature JUMBO mortgage rates today ($417,000-$1,000,000):
PROGRAM RATE APR
Annual ARM 6.250% 6.487%
5/1 ARM 6.500% 6.697%
10/1 ARM 6.750% 6.926%
30 Year Fixed 6.875% 7.124%
Rates available as of October 3, 2007. Subject to change and qualification. Equal Opportunity Lender.
It is important to note that Jumbo mortgage rates are starting to decline. Wall Street has finally flinched and is buying jumbo loans again. The pressure from portfolio lenders caused the big boys to recognize that shutting off the faucet was costing them money. Greed and fear are the two motivators on Wall Street; they recognized that they threw the baby out with the bathwater and have let the "greed" factor overtake the fear factor" .
Contact me for a personal rate quote.
Wow! Now there's SOME lap dance!!!
(cool...my graphic was 'mate'...how appropriate!)
Congratulations
*avocado*
Brian,
Happy Anniversary!!!!!!!!
Tom Weiss
Happy anniversary Brian and Debra. That is a GREAT picture of the two of you love birds.
Oh....almost forgot......thanks for rate stuff.
My new LA valuations expert set me this joke:
Ray was in trouble. He forgot his wedding anniversary. His wife was really angry. She told him 'Tomorrow morning, I expect to find a gift in the driveway that goes from 0 to 200 in less than 6 seconds! AND IT BETTER BE THERE!!
The next morning Ray got up early and left for work. When his wife woke up she looked out the window and sure enough there was a box gift-wrapped in the middle of the driveway.
Confused, the wife put on her robe and ran out to the driveway, and brought the box back in the house. She opened it and found a brand new bathroom scale.
Ray has been missing since Friday. Please pray for him.
That was classic, Mike. Thanks for all of your help and thanks for the nice wishes, everyone.
Brian.... Happy Enchilada.... okay, so I can't speak Spanish... Happy Anniversary and tell Debra I said hello.
In regards to locking in at time of application.... Great minds do think alike. I have been doing this the last several months. The market can change for the worst than it could get better a lot easier than in past years. Wise words....
Well done!
9 years is a great start!
Aren't tolerant women wonderful?
Actually I say allot of nice things if I were home with Brenda and at my own computer.
You'll have to settle for all our best wishes!
Bill & Brenda
Congrats, Brian!
That is fantastic...And she is beautiful!
All my best,
Galel Fajardo