Week of: Monday, October 31, 2011
Present Market Conditions
The most recent economic data combined with Fed hints of additional MBS purchases was positive news for mortgage rates. However, the announcement by European leaders of a comprehensive aid package to stem European debt troubles offset early MBS gains. According to Frank Northaft, vice president and chief economist for Freddie Mac, “Fixed rate mortgages followed other long-term interest rates and showed little change…” 30-year and 15-year fixed-rate mortgages averaged 4.10% and 3.38% with .8 and .7 points, respectively. ARMs remained at or near all-time lows, with the 1-year Treasury ARM averaging 2.90% with .6 points.
Expectations
The week’s economic reporting will be headlined by Wednesday’s Fed meeting, as investors await the update on economic growth and any signs of monetary easing. As important will be Friday’s Employment data with the market focused on wage inflation, job creation and the Unemployment Rate. Chicago PMI will be reported Monday, followed by ISM Manufacturing and Construction Spending Tuesday. ISM Services, Factory Orders and Productivity are released Thursday.
Guidance
The combination of flat home prices and historically low mortgage rates provide a golden opportunity to purchase that new home! Or, is it time to refinance your existing loan? Call your local mortgage professional today for personalized advice and service
About Edgar DeJesus
Edgar DeJesus, a Husband first and foremost who shares his life with his loving wife Emily and their pets Sammy, Charleston(chocolate American Cocker Spaniels) & Rocko (a fawn Great Dane). Fellow colleagues recognize him as one of the top mortgage planners in the Tampa Bay market and a fellow professional you can count on, his clients love him for being their trusted advisor. What keeps this hardworking mortgage planner going is his pure passion to deliver an extraordinary customer service experience. The question behind his motivation is simple - What differentiates him from every other real estate financing professional? He answers the question by saying: On every mortgage I provide for a client I treat it as if I were buying or building a home for my family, consolidating my debt, lowering my interest rate, or improving my own home. I deliver no less than I would expect if someone were providing me with a mortgage and most important their want & need is my want & need. He also says it is not just about providing mortgages, it’s about building life long lasting relationships. Some of his favorite hobbies are spending time with his family and friends, playing golf, dining at steakhouses, & fellowship with others.
Satisfaction for Edgar DeJesus comes from not only closing loans but rather opening doors. Receiving referrals from clients is a great compliment he can receive and the greatest compliment is to have clients repeat their loan experience with him. A great demonstration that he does not over promise and under deliver.
