Today’s market opinion:
The market finished up slightly on Friday. This is what we call “a dead cat bounce”. The market data for the week is not positive. The unemployment rate is at 6.5%, jobless claims are at 481,000 very high. The market can not return until we see some of these important indices make a positive change. Next week we have a few important reports ,including the retail sales report, which are likely to come in low and keep rates down for at least this next week. I would recommend floating for now, but be prepared to lock in a rate as we are in a volatile time, where anything can “Change”.
Today’s 30 year fixed rate:
5.875% @ 1 point (6.084% APR)
Today’s 30 year fixed FHA rate:
6.375% @ 1 point (6.593% APR)
Today’s News:
Conforming loan limit to stay at $417,000 next year
Despite the slide in housing prices in most parts of the country, the conforming home loan limit will remain at $417,000 next year for most of the country, the government said Friday.
http://www.marketwatch.com/news/story/conforming-mortgage-limit-stay-417000/story.aspx?guid=%7B2B8E8866%2D6028%2D4F24%2DB31A%2DFEDF41B0C3D8%7D
Motivation for the day:
Change is Good
http://www.changeisgoodmovie.com
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