MERRY CHRISTMAS!
FNMA 4.5% bond is UP on the day about 19 basis points and trading at $100.19.
This is nearly 200 basis points lower than where it was so rates have come up somewhat to levels that were impossibly GOOD just a year ago. The 30 year fixed rate is still under the 5.5% range so we are looking at cheap money.
New Home Sales were down for November. Remember the tax credit that was extended? We may see a bump in December on the news that the credit was extended. I know we felt the burn of trying to get as many loans closed in November as possible by last minute buyers. Some of those deals moved into December to take pressure off builders, sellers, buyers, underwriters etc when the news was released that they would be extending the tax credit.
Applications are also down for mortgages for now as last week's numbers reported are as low as they have been for a few months. I suspect people are focused on the holidays.
Feds to auction off $122 billion in Bonds next week. With the recent decline in the bond market: this may provide reason for further deterioration. Remember that when the maket is flooded with supply: the bonds hold less valuable.
Consumer Sentiment is up! People are more likely to spend money when the feel good and they are feeling better according to the consumer sentiment report.
Salaries were also reported as higher. Today's reported gain in salaries is the best gain since last April!
Dow is up 3 points and hanging out at 10,468 points for now.
Gold is at $1095 for now.
Oil is up 2.08 at $76.48/barrell
Best Holiday wishes to each of you!
--
Chad Schauers
Have you metChad?
Home Loans
406.522.0922
406.522.0924 (fax)
1924 W. Stevens, Ste. 202
Bozeman, MT 59718
Cell: 406 799 8613
--
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
