Rob and Shannon Thurgood Closing

Rob, Emily, and Shannon Thurgood and Marty Qualls. Closing at Inwest Title with Toni George and Sandi Cope, Escrow Officers on November 7, 2008.

Rate Watch 11/7/08: Floating

The Labor Department Jobs report was far worse than expected and unemployment is at the highest level since 1994. Stocks are coming off their worst back to back days since the 1987 Stock Market Crash.

The dismal jobs report, the higher unemplyment report and the poor stock market are all helping Bonds this morning.

Even though there is a small improvement in Bond prices this morning, I am recommending floating as the weakness in the Equity market starts to sink in as the day goes on.

Bond Prices are battling a strong ceiling of resistance, but the future of Bonds could be bullish as the prices break through the ceiling above.

Rate Watch 11/6/08: Floating

Bond prices are down slightly this morning (Bond prices down, Yield UP, Mortgage rates UP), with the release of positive economic news ahead of tomorrows job report. The jobs report tomorrow is expected to be dismal and since we are still currently above 2 of the 3 levels of support, I am recommending floating into tomorrows job report. If things change, I will alert you.

Rate Watch 11/5/08: Floating

We are now in the 4th day of a float recommendation and have enjoyed a 191 basis point price improvement in the last 4 trading days! With more abysmal news in the economy arriving both internationally and in the U.S, I recommend floating for now as we have established the 200 day moving average as the new floor of support.

As we meet the rate watch targets which you and I have established as a good time to explore your refinance opportunities, I will be sending e-mail alerts to you.

Please call or e-mail me when you receive these e-mails and we can talk about the details of your refinance benefits!

Election Day 11/4/08 Rate Watch: Carefully Floating

With Election Day finally here, Bonds will be taking their direction in price from the Stock market today in the absence of any financial reports to be released. International stocks did well overnight and Stocks here are up slightly with Bonds also up nicely since opening this morning. For now, it is prudent to carefully float and I will let you know if there is a change in this direction.

Good news from my Son this morning is that his wait was 5 minutes at his polling place! I voted early, so I hope my 40 minute wait made short lines for everyone today! :)

Rate Watch 11/03/08: Floating with finger on Lock Trigger

The bond prices over the past 5 trading days indicates that traders are indecisive about the direction of the economy. Bond prices remain above an important level of support which could be tested. I will watch closely at the stock and bond movement today and will alert you if there is a need to lock.

I have posted National Overnight Average Mortgage Rates in a seperate Blog post today whick shows today's rates at approximately .125% higher today than they were 2 weeks ago.

See also my Blog Post for the Rate Trend Index where a slight majority of Bond Trading Experts predict rates will be increasing over the next 30-45 days.

Rate Trend Index 11/3/08

Oct. 30 - Nov. 3

This week, almost half of the panelists believe mortgage rates will rise over the next 35 to 45 days. Another 38 percent think rates will fall, and the rest believe rates will remain relatively unchanged (plus or minus 2 basis points).

Panel:

Up:46%
Down: 38%
Unchanged:16%

Mortgage Rates 11/03/08

NATIONAL OVERNIGHT AVERAGES

Conventional Loan: These averages include 1.75% discount point, origination fee of $795, $400 appraisal, Title Fees, assumes 20% equity, Loan size of $160,000, Credit Score of 720.

FHA Loan: .35% higher in rate, 1.375% discount point, $795 origination fee, $150,000 Loan size, 600 credit score (minimum credit score 580 at higher disocunt points or rate), 3% equity, $400 Appraisal, Title Fees


NATIONAL OVERNIGHT AVERAGES

30 yr fixed mtg
6.41%

15 yr fixed mtg
6.06%

5/1 ARM
6.09%