Dow closed UP about 29 points at a 2009 high of just over 10,500 points.
FNMA 4.5% mortgage bond shed about 12 basis points today.
Not too much movement in the markets. Many people are starting to check out for the holiday.
JUST IN: Wells to pay of the 25 billion in TARP money they reluctantly took from the feds. They announced a sale of about $10.2 billion in Common stock among other strategies to raise the money. They were the last to announce plans to pay back the money given to them. See more: http://www.pr-inside.com/wells-fargo-to-repay-entire-r1631578.htm
30 year fixed rates are still in the 5% range on conventional financing.
Obama spoke to banks today suggesting that they open up and lend more money. Hmm... I think the game has changed and banks are not looking to take on any new risk but trying to maximize their fee structure and hedge against potential losses by putting aside more money. I have heard of several people opening up a letter from their bank informing them that their "new" interest rate is now 30%.
Unfortunately, many feel the speech was more "for show" as Obama must understand the truth of the matter. Remember the BILLIONS that was put out to banks? It literally went right on the balance sheet so the banks looked more stable. This was to be expected although we weren't really informed that it was likely. Search "TARP" at Chadcan.com to see more of how I felt when all this was winding up.
Oil still under $70 bucks and actually posted another slight loss today for the 9th session in a row. Oil hasn't seen a "losing streak" this long for about 8 years. (Remember what was happening 8 years ago? The world was still "normalizing".)
Dollar at a loss causing gold to rise some ($1123 an ounce.) Usually oil comes up as well, but the anticipation of lower demand and other factors are keeping it down. If the dollar was stable today, oil may have actually posted greater losses.
Tomorrow we will see inflationary indicators and manufacturing reports. The markets could react.
Cheers,
Chad
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Chad Schauers
Have you metChad?
MetLife Home Loans
406.522.0922
406.522.0924 (fax)
1924 W. Stevens, Ste. 202
Bozeman, MT 59718
Cell: 406 799 8613
cschauers@metlife.com
