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| Good Morning Everyone The Stock Market us up, thus pulling some investor money out of the Bond Market. Stocks are up because of favorable news that a rescue plan deal will get done. New home sales lower than expected, but a positive sign in new home sales nation wide the inventory shrank 4.4%. Oil is trading at $105.17 a barrel down 50 cents. Today's Interest Rates Conforming 40 yr Fixed------ 7.125% Conforming 30 yr Fixed-------6.000% Conforming 20 yr Fixed-------6.125% Conforming 15 yr Fixed-------5.875% FHA 30 yr Fixed------------------5.875% VA 30 yr Fixed--------------------5.875% Reverse Mortgage for those 62 years or older-----Fixed HECM 6.06% Credit and LTV restrictions apply. Rates are subject to change daily. Equal opportunity lender Bond Market News Mortgage Bonds have gotten a bit of a boost this morning due to some weaker than expected economic news. Durable Goods were reported far worse than expectations, and Initial Jobless Claims were well above expectations and the highest reading in seven years. In other news, last night President Bush stated on national television that the rescue plan is crucial and is needed to avert "a long and painful" recession. In addition, Rep. Kanjorski, a spokesman for the committee, said that some kind of deal that will benefit the economy will be done by the time the markets open on Monday morning. This plan doesn't bailout Wall Street but will help every American by freeing up the lending system. Currently, Stocks are gaining strength on the feeling that a rescue plan will get finalized. I recommend floating for now, but I will let you know if the events of the day require a change of course. Today's Quote Realize that true happiness lies within you. Waste no time and effort searching for peace and contentment and joy in the world outside. Remember that there is no happiness in having or in getting, but only in giving. Reach out. Share. Smile. Hug. Happiness is a perfume you cannot pour on others without getting a few drops on yourself. Og Mandino (1923 - 1996) |
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