(More pictures and Source of this one HERE)
HARP in Montana and elsewhere is extended another year! The Home Affordable Refinance Program was scheduled to be OVER as of June 30th 2011. See more details on this program's specifics directly from "e.fanniemae.com" here See more details on the HARP program extension here.
The FNMA 30 year 4.0% note is UP another 62 basis points currently on the day and we are seeing levels that we haven't seen for a few months in the mortgage bond market. This does mean lower rates in the short term but I am conscious of the fact that it is temporary as people seek for "safe havens" for their money. Unfortunately, the longer-term view is that as inflation picks up steam we are in for a ride so the "get it while you can" cliché applies to mortgage rates right now. Of course, we have been expecting a sudden rise in rates for far too long. It reminds me of lighting a really long fuse and watching it slowly go into the sticks of dynamite as we wait for the explosion. It is coming, but there seems to be factors that keep postponing it…
Oil is sitting at $98.27/barrel currently and is UP about a dollar on the day.
GOLD is at $1397/oz and down from recent highs.
Dow is off about 242 points currently and was down over 300 points at one point today.
Many are waiting to see what the effects of the Japanese condition will be. Until there are "actual" and measurable results we will see extreme volatility as people continue to "GUESS" what they will be and attempt to find safe bets for their money.
Speaking of the "Japanese Condition": Watch them closely. When a culture is driven by "honor" as the Japanese have been for centuries I am sure we will see some very beautiful stories come from this current catastrophe. They are a people to be revered and respected in my opinion and we have seen such beauty in them amidst such turmoil. Just for some perspective: there have been over 500 "aftershocks" and several of them in the 6.0 range on the richter scale including one this morning outside of Tokyo. We have no way of truly knowing the effects on millions of families as with any major disaster such as this one but my prayers are with them.
Cheers,
Chad
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Chad Schauers
Montana Mortgage Lender, Bozeman, Montana
fax: 406 522 0924
Personal Cell: 406 799 8613
Personal Email: metchad@gmail.com
