Financial Update #1/ Week of August 24, 2009

Good Afternoon Everyone and Happy Monday! The stock market, being the machine that it is, is continued to rally today on a follow through from Friday’s big run. Fortunately, we have not be killed on rates . . . this morning’s rate sheet represents about a .375 loss in rebate from Friday morning’s initial note offerings. Not bad really, considering the Dow has gained over 200 points since the opening of trade just one business day ago. Credit markets are attempting to make some progress this morning, too, but investors, as we know, like to stay clear of market gyrations, so they’re playing it safe today as usual.

Base pricing for a 30 year fixed rate loan today falls between 4.75% and 4.875%, NOT BAD AT ALL…

There are no earnings reports today and no economic news releases, so the market is free to move on what ever bias it feels appropriate. So far, the rally right out of the gate for equities has stalled and credit markets are slowly making some gains. I’ll be in the office all day today and am already getting pounded with emails and phone calls, so there is definitely plenty of activity going on out there. Call me here or email me with your loan scenario or pricing questions. Have a terrific Monday, and here’s to a very profitable week!