Jeds Financial Update 11.7.14 Market News Rates have dropped slightly but the margin is very thin to stay here. So Whats Happening? Rates moved up Wednesday and Thursday due to the digestion of the election results, Thursdays Jobless Claims and hedging positions for Fridays Employment Situation Report. The Jobs reports headlines were a mixed bag but enough to allow the bellwether 10 year treasury to recover most of the midweek losses. Thursdays Initial Jobless Claims were expected to be 283,000 initial claims. The actual was slightly better at 278,000 although last weeks numbers were revised upward by a thousand. The four week average was down 2250 to 279,000 which is the seventh drop in eight weeks and a 14 year low. The excitement of a 14 year low was tempered by the undercurrent of the number of people that have given up looking. After the strength of Wednesdays ADP Employment Report, much of the market feared that the estimates for Fridays Employment Situation Report were too conservative and started hedging positions to cover a stronger than expected report. Once again the ADP report didnt disappoint and it didnt predict the Situation Report at all. Non-Farm Payrolls were expected to be up 240,000 and the unemployment rate was to remain constant at 5.9%. Instead we saw unemployment drop to 5.8% but payrolls were off 24,000 from consensus. Offsetting part of the loss was a revision to last months 248,000 gain, bringing it up to 256,000. Private Payrolls were expected to be up 235,000 but only managed a gain of 209,000. All-in-all the labor market is soft but improving ever so slowly. The drop in the unemployment rate has a number of underlying factors that limit it as a true reading of the economy. What To Expect I wouldnt expect much activity the first half of next week. There are no reports Monday or Wednesday and the markets are closed Tuesday for Veterans Day. Thursday and Friday have several, reports but they are mostly second tier reports but the bearish tilt of the market may give them extra importance if they are weak. Any improvement in rates will come from overseas so dont look for much improvement. Locking is prudent right now. Call me with your mortgage needs. Have a great weekend before the predicted snow next week. Apply at CallJedMarquis Are We Having Thanksgiving This Year? Given the reactions of the retail outlets locally, Thanksgiving seems to be all but forgotten. All the Christmas displays are out and the only thing were seeing on Thanksgiving seems to be about Black Friday shopping. Even the grocery stores have much of their traditional Thanksgiving food stuffs out in red, green and snowflake displays. In honor of my favorite holiday, for the next several reports, well have some interesting Thanksgiving facts you can use to dazzle non-readers of this blog. (Okay so Im full of myself). Pilgrims were not originally called Pilgrims. They were called Old Comers or First Comers. These were the terms that were used under the 1627 Division of Colony Assets agreement. The merchant adventurers, those that came and worked as partners in the Plymouth colony were to all benefit from the bounty - thus the Division of Colony Assets agreement. Those that came on the first four ships (the Mayflower, the Fortune, the Ann and the Little James) were known as First Comers or Old Comers. The term Pilgrim came into existence at the end of the 18th century because of a manuscript written by William Bradford, the governor of the Plymouth Colony. The manuscript was lost and then found some two hundred years later. At the bicentennial celebration of the founding of the Plymouth Colony, Daniel Webster referred back to the manuscript and Bradfords references to the settlers who left Holland as saints and pilgrims. Webster then referred to them as Pilgrim Fathers and the name stuck. Have a great weekend. If you have any questions regarding the market news for today please feel free to contact me. Sincerely, Jed Marquis Cell 303 885-1532 Direct 303 493-0517 JedM@libertyhomeloans Regulated by the Division of Real Estate Interest Rate and Economic News for Realtors and Homebuyers 30 Year Fixed Rate: 4.0 % APR: 4.058% 15 Year Fixed RATE: 3.25% APR: 3.498% FHA 30 Year Fixed RATE: 3.5% APR: 4.40% Todays Rates The rates quoted in this news letter are based off the following assumptions: Purchase Price : $400,000 Down Payment: 25% Loan Amount: $300,000 Credit Score: 740 Taxes & Insurance Escrowed **All rates are subject to change without notice. FHA based on 96.5% LTV Theres More to a Mortgage than the Payment Jed M NMLS # 274457 CO # LMB100018640 Liberty Home Loans 287 Century Cir. Ste 201 Louisville, CO 80027 720-890-8900 libertyhomeloans NMLS # 324250 Equal housing
Posted on: Fri, 07 Nov 2014 20:05:29 +0000
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