Weekly Mortgage Update

Coming off of last Friday’s employment numbers, investor fears kept rates low early in the week. But that fear lessened a bit mid-week, money flowed back into stocks and out of bonds, and this caused rates to tick up a bit. I know I’ve said it before, but for those who are new, as money moves into bonds, (mortgages are bonds) investors don’t have to pay as much in interest to attract the money and rates fall. As money flows out of bonds, investors have to raise rates to entice the money to stay. But today, retail sales came out negative, putting fear back into the market. Low and behold money flowed back into bonds helping us recapture some of yesterday’s losses and keep rates low.

Economic facts impact how investors, and consumers, feel about their world. But it’s those feelings or emotions that that move people to action. So while job numbers and retail sales have disappointed lately, the longer we continue without falling off an ‘economic cliff’, the more fears will subside. And, like the turtle, we will again stick our necks our and move forward….but as I’ve said, it’s going to take most of 2010 to get there.

In the mean time, Carpe Diem! Folks, it DOESN’T GET ANY BETTER! (and even if it did, winning the lottery for 10 million is just as good as winning the lottery for 11 million!). EVERYONE NEEDS TO TAKE ADVANTAGE OF THESE RATES!!! – Call me if you want to refinance too!

State Bond Money still has a rate of 5.25% with 3.5% Down Payment Assistance. There is over $10,900,000 still available so if you have that first time home buyer that need some help with down payment then this is a GREAT option. The buyer does not have to be a first time home buyer if buying in a targeted area!!!

This week rates ranged between 4.625% to 4.875% depending on program, credit and points.

Ted Clay
Sr. Loan Officer
NMLSR # 217991
OK License # MLO01963

Office: 405-341-8644
Cell: 405-826-1320
e-Fax: 1-866-208-5309

tclay@wrstarkey.com

www.TedClay.com