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| Good Morning Everyone Here are some numbers to think about. Three out of Four-74% of American workers who have access to an employer sponsored 401(K) plan make elective deferrals into their company's pre-tax retirement plan (source Hewitt Associates). I Should Know More-84% of working Americans who make less than $50,000 gross income wish they new more about investing for retirement, while 62% of working Americans who make at least $100,000 in gross income do not feel they know as much as they should about investing for retirement (source Transamerica Retirement Survey). Let's Go Out To Dinner-Americans spend $1.5 billion a day at restaurants and bars (source National Restaurant Association) . Thanks to everyone for listening and calling into "The HOMEBOYS" radio program, your support is greatly appreciated. "The HOMEBOYS" radio program Every Wednesday at 11 AM on 1100 KFNX. If you can not listen because you are not near or your radio reception for AM stations is limited, listen to us on your computer, go to www.1100KFNX.com and listen to the streaming audio Today's Interest Rates Conforming 40 yr Fixed------ 7.000% Conforming 30 yr Fixed-------6.000% Conforming 20 yr Fixed-------6.250% 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 for today Just days after rumors that Morgan Stanley might be another Wall Street casualty, Japan's Mitsubishi Financial Bank announced it will purchase 10% to 20% of the company. This indicates that the government's plan to stabilize the financial sector appears to have done its job initially. One thing to keep in mind, however, is that the recent actions by the Fed could be viewed as inflationary. This may be why we are seeing commodity prices soaring this morning, while the US Dollar is under selling pressure. Currently, Mortgage Bonds are trading near an important level of support. Overall, the recent moves by the government could lead to lower rates within the next few months. But, in the short-term, the market will be volatile. For today, Bonds appear to be moving lower; therefore, I recommend locking. I will keep you posted of any changes. Today's Quote Ask about your neighbors, then buy the house. Jewish Proverb |
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