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This mornings rates are pretty much where they left off on Friday. There may a slight increase of .1 -.2 Basis points. FHA rates are very consistent with Conventional Rates. Both 30 year conforming and Government Rates are at 5.5% PAR while 15 year terms on both are roughly 5.25% PAR.

Todays rates are being influenced by the report just out on Index of Leading Economic Indicators. It rose very slightly but it was expected to fall by the same minimal margin. So even though this is still a signal of weakness, it not a clear market indicator of a recession so stocks are actually rising moderately, which usually affects rates in the opposite way. We may have another slight increase before the day is out.

Tomorrow brings a report on the Producer Price Index--if this shows weakness beyond predictions, it should send the market and bonds into a rally and rates would positively reflect this piece of data.

The rest of the week should not produce any big deviations in rates. The upcoming Holiday Weekend means that Bond markets will close early Friday and that could set off some unsettled activity.

If you are looking for advice on when to lock your loan, and daily rate changes come into play, always seek the advice of your Mortgage professional.

Did you lock yesterday? Today's rates are up big as a result primarily of the 10 YR Treasury Note Yield rising again, showing that the 4.00% traditional benchmark may be tested. Bonds dropped significantly as a result. Another day or two will help tell the if the direction of bond prices continues downward and mortgage rates upward. Stocks were up based an upward revision to GDP results and the news that the jobless rate increased by less than the expected margin.  

Tomorrow brings two pieces of data that could help to continue the rate spike trend. If a report on consumer ability to spend comes in with higher income and spending increases, expect bonds to lower and rates increase. An update on the Consumer sentiment previously reported is due out as well and if shows any upward trend from the preliminary report, it will again be bad news for bonds and rates.

Stock markets are currently showing small gains. This is primarily due to a report on April's durable goods orders. The report showed a decline but less than expected. Bond prices dropped when that report was released, which will most likely push rates higher today by about .250 PT. Excluding transportation, it showed the largest increase in 9 months, with electrical and appliance related orders showing the largest ever increase. This news has helped to stem investors concerns. This along with a decline in oil back to the $129 range helped stocks finish stronger yesterday afternoon and that has carried into this mornings gains.

Tomorrow brings a revision to 1st quarter Gross domestic product results which may show an upward change to predictions and if so, we can expect another increase in rates.

Watch where the yield on the 10 year treasury is. It is very close to 4.00% and this could have another negative impact on mortgage rates. It is unclear if the 4.00% is the new floor, so the next few weeks could prove to be very interesting rate wise.

It may be prudent to lock if you are closing in the next few weeks. Always consult with your Mortgage professional before acting.

Today's stock market is way down in response to new oil highes and lower Holiday and Summer driving expectations. So as generally happens when stocks go down, Bonds are up. It seems that investors are still wary that the economy has reversed negative trends. They are shifting away from Stocks and into Bonds today. Rates are likely to react in a positive way , but not significantly.

You should expect a lot of market relevant economic data next week, so rates are sure to be back on a roller coaster.

It may be wise to lock if you were closing in the next couple weeks. Keep an eye on the market and remember that this is just an opinion and each Mortgage transaction is unique.

Today's rates are up after oil prices retreated from their high yesterday. An unexpected drop in unemployment also helped markets rise slightly. Yesterday's release of the last Federal reserve meeting minutes sent mixed messages that concerns linger about economic growth and inflation. The sense now is that investors are seeing long term bonds as less attractive. As a result, bonds are sharply down and mortgage rates are up by roughly .250 BPS, 30 year fixed rates are between 5.625% and 5.75% (this is the par rate-there are lower rates available if you want to pay lender points). FHA rates are mirroring Conventional/Conforming rates today. 15 year terms are in the 5.375%-5.5% range. It is still recommended to lock in the short term as the Memorial Day Holiday may trigger rate changes based on the volume of activity tomorrow. Remember that Markets are closed on Monday in observance. Don't expect wide swings over the next few days, thus the lock recommendation.

As always, check with your mortgage professional for advice.

It's been a while since I made the entry regarding my boys selling the discount cards on local merchant services to benefit their middle school baseball team. Well, let me tell me that I am extremely proud of them for several reasons, with the most important being the fact that they actually WORKED TOGETHER. And, by the way they raised over $2200 out of the team total $2600 (17 kids on the team)

But, what I found out is that the Event Sponsor (For the Booster Club) promoted this in the wrong way. They focused on individual efforts( top 1 seller got $1 per card sold) So, as they had no provision for ties, my two sold 220 total or 110 each----guess what? The Sponsor came up with some bogus response that because they acted as a team that only one would be compensated for being the winner. So instead of each of them getting $110, they made a "new rule" that gave one of my boys 176 and the other the difference, but only one of them got the $$$$. So they lost money in the deal and found out that putting aside personal goals and focusing on a team effort was not rewarded.

 I see this happening on the ball field as well. Too many individuals "stars" and not a team. That falls on the coach to pull the team together. I know it's tough. I coach. But if you don't teach these kids teamwork now, how can you expect them to carry this through to adulthood and the workplace.

Businesses can't exist without teamwork either. One of my goals as a professional is to work toward building these "teamwork" type partnerships. If you are to succeed in today's market, establishing the right associations is key.

And yes, as I said before LEARN FROM YOUR CHILDREN. They put aside their selfish actions while they combined efforts to be tops. And believe me when I say ( anyone with twins knows exactly what I am saying) for them NOT TO COMPETE was a huge growth moment for both of them.

Today's stock market is suffering from the new Oil High reached --over $129 barrel!! Other news out that is negatively affecting all markets consists of reports on US Economic Activity which weakened to the lowest level since 2001 and April's Consumer prices rising faster in April (double the prediction). These factors renewed recession fears among investors. But, the positive side to this is that Bond Prices are up and rates may show a decrease today.

Nothing major news wise will affect rates much over the next 2 days. Friday may be the next "rate mover".

As expected, today's rates are down considerably from yesterday. This is do primarily to the new high that oil reached yesterday along with very weak US Consumer Confidence Index figures posted by the University of Michigan. The figure was the weakest since 1980 (aside from the post Iraq invasion days and the days just after 9/11/2001). As a result, bond prices are up and rates down roughly .25-.375 from yesterday.

Next week's influences are light, with a report on Monday regarding leading Economic Indicators. Any large decrease will trigger further rate reductions and bond strength.

If I were closing in the next few days, I would continue to float as Monday may show improved rates.

Rates are pretty much where they left off yesterday. Current 30 yr fixed are at 5.75% and 15 year rates at 5.5%. FHA rates may be 1/8 better or so but are very consistent with Conventional rates. Bonds are up slightly which probably won't affect rates much today. Mixed market signals are not allowing rates to drop in conjunction with bond increases. New unemployment results show an increase in new claims but that the number is in line with projections.Industrial production report shows twice the projected decline in manufacturing productivity. This coupled with a predicted decline in consumer confidence should push bonds higher and we may see a larger rate reduction tomorrow.

As always, check with your Mortgage Professional as to when to lock your rate. Short term locks may now be appropriate.

Yesterday's bond weakness has driven today's rates up by 1/8 to 1/4 point. This morning, however, we see the market up with better than expected results on Consumer Prices which has eased inflation concerns. Oil is also down slightly. You may see a rate lowering this afternoon, but it won't be significant. Tomorrow's opening rates may still reflect the strong bonds, so we may see a further drop.

The next day with influential market results will be Friday. A report from the University of Michigan which predicts consumer sentiment is due out late Friday morning. A decline could lead to an increase in bonds and a reduction in rates.

If you are closing on your Home Loan soon, check with your Mortgage Professional for your own lock advice.

Todays rates are up by approximately 1/8 to 3/8 Basis Points this morning. This is a reflection of a weak stock market with both the Dow and the NASDAQ down. Bonds are down because April retail sales results ( excluding auto sales) exceeded expectations. So, it gives the market the impression that consumers were really more active than was anticipated, so that's good news right? Not for Mortgage Rates. The next report which will cause volatility in the market and with rates is Aprils consumer price index. Recommendations by most experts I am reading up on suggest short term locks as the next few days will likely bring a rise in rates.

As always, consult your Mortgage professional.

This mornings major market indices are all up. Investors concerns about inflation today have cooled somewhat as the dollar rose against foreign currency and oil prices are down slightly from Fridays record high.

Bond prices are up which generally means lower rates, but that hasn't happened yet ---maybe later in the day a downward adjustment will come into play.

As of 12:30 PM the best New York rates I found were;

30 year conventional-5.625%   15 year conventional-5.375%

FHA 30 year-5.5%    FHA 15 year-5.25%

It will be a fairly busy week with many pieces of economic news being released. The only day that there is no real activity will be Today. So take a look at the markets daily for any changes. Check with your mortgage professional for advice on when to lock. Most agree to float, especially in the short term.

Well, Oil reached a new high today at $126 a barrel, there was low interest in yesterdays Fed Auction, but with the Trade deficit dropping more than expected suggesting lower demand for imports and with AIG posting a huge first quarter loss, markets reacted negatively driving Bond prices up and rates down.

Typical New York Conventional Conforming rates are as follows:

30 year-5.5%   15 year- 5.25%

FHA 30 year-5.375%     15 year FHA 5.125%

So the week is ending with rates down........along with the stock market

As always check with your Mortgage Professional for lock/float advice.

There is marginal good news in many markets this morning. Oil prices have retreated slightly from yesterdays records, retailers showed slightly better than expected sales , jobless claims marked a sharp decline.....all this is leading to Bond prices going up and rates down just a bit.

Today's Fed Auctions will be the next data point and will should again be a catalyst for some very slight rate adjustments. As is always suggested, consult with your Mortgage professional regarding locks/floats

Ok, so there was a rise in Employee Productivity but the rates are going the wrong direction. Labor cost pressures eased as a result. Why did rates rise? At the same time as this glimmer of positive news, there was increasing concern over new OIL record highs and of course there was more bad news in the Housing sector. As a result Bond prices dropped and rates rose by approximately 1/8 Basis Point.

30 year conventional rates today are at 5.75% with 15 year rates at 5.375%. FHA rates are 1/ lower at 5.625% and 5.25%.

The Fed Auction will be the next market driver. Again, don't look for large swings either way the rest of the week, and always check with Mortgage Professional before locking.

My wife got this 4 page letter last week that starts out ...."Make $250,000 in weeks as seen on Oprah and 20/20" It then goes on to state " this really could make you alot of money!! It works!!! But you have to follow the letter...."  THIS IS NOT A SCAM.

Well it has been my experience that if you have to put in big print ..'this is not a scam"....then it probably really is one....

These are 6 steps that must be followed according to the letter

1) Immediately send $1.00 to each of six names provided below and ask to be added to their mailing list. This is the step that makes it legal (OK?)

2) remove the name in the number 1 position and move each of the others up. Put your name in number 6.

3) Photocopy or print 200 copies of the entire 4 page letter

4) Purchase a mailing list of names from datalineone.com-specify you want names of OPPORTUNITY SEEKERS; they sell a list of names for $45.00

5) Place each of the 200 copies into business size envelopes and seal them

Once your list arrives, place an address label on each envelope and drop them in the mail. Within 20 to 90 days you should $800,000 in CASH.

So, doesn't this really sound like a chain letter with the old "airplane, pyramid scheme" mixed in.

Let's do the math on what you put into this upfront....$6.00 + cost of copying 200 4 page letters + cost of 200 envelopes + $45.00 for the list + $82.00 for stamps. -----once you add it up, the cost is around $200.

And is it really legal? According to Title 18 sec 1302 & 1342 of the US Postal and Lottery laws and according to this letter it is legal.

This really boggles my mind. If people put this much time and effort into legitimate business plans, this country wouldn't be in the state it is now. Too many people looking for handouts and not enough honestly working.

Let me know if anyone else got this letter and what you think of it.

James Bowen

315-398-9400

http://www.getmortgagenow.net/ 

Todays rates are beginning flat , in the same range as the last couple days. Sample rates from one of the Largest Mortgage Lenders are at 5.625% for 30 year product and 5.375% for 15 year term. FHA rates are ranging the same for 30 year terms and 5.25% or approximately .125% less than Conventional rates for 15 year terms.

Expect a fairly quiet week, with small day to day changes. A few reports may sway rates, but again, don't expect large fluctuations. Wednesday's Employee productivity report and Wednesday and Thursday's Treasury auctions will alter rates depending on results.

If employee productivity exceeds projections, Bond prices should go up and rates down. A decrease could once again bring inflation concerns into play and rates would most likely increase. High demand for the Treasury auctions will lead to Bonds going up and rates down....however, a lackluster auction would affect bonds and rates negatively.

It is still being recommended to float all short term rate locks. Watch the week's results, and consult with your Mortgage Professional.