JUMBOs at MET? Yes. Competitive? YES. Rates are again subsodized to give YOU the advantage. Call us for details. 30 year conventional rates are being quoted by lenders even down to the 4.75% range but most loans pencil out to the 5% range with all the factors accounted for. Dow UP! Weaker dollar and a change in position by some analysts who are putting more confidence in the banking system. There has been rumors of ANOTHER stimulus...that were quelled with an announcement from Washington. DOW closed up 112 points. A weaker dollar and good manufacturing news were also cited as possible explanations. Weaker dollar? Remember that the dollar is traditionally a very stable currency that foreign investors find attractive. Imagine how frustrating it was over the last 18 months watching our 401k's deplete and replete...and multiply that if you had all your holdings in a currency that was equally volatile. If the dollar is "WEAK" against other currencies...it is time to convert FROM other currencies to the dollar which traditionally doesn't stay weak. SO: when money is dumped into the equities market and then the dollar gains some strength...the effect on the return is positive. However: many analysts are calling for continued weakness in the US dollar with all the government spending and "creation" of MORE dollars out of thin air in the form of Treasury notes offered on the free market. Hmm... FNMA 4.5% bond held on and gained 3 points today. Some of the losses it WOULD have experienced as money was pulled from bonds was recovered by money coming out of mattresses today and being dumped into the most reasonable risk with a decent return: Mortgage backed securities. Remember: with a REAL focus on QUALITY MORTGAGES by the agencies and subsequently the LENDERS out here...the "value" and QUALITY of the securitized mortgages coming from the last 18 months are better than they have been. This is good. Have a great eve!
Chad.
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