Jeds Financial Update 7.2.14 Market News Mortgage rates crept up an eighth of a percent Tuesday and Wednesday as the treasuries led the way. So Whats Happening? Monday and Tuesdays economic reports were a mixed bag. A few were better than expected, a few worse. The most notable was the Pending Home Sales Index which reflected existing home sales being up a strong 6.1% with a reading of 103.9. All regions showed positive numbers and this gain is the strongest since the stimulus effort began in 2010. The one cautionary factory is the gain is coming from a very low baseline but three consecutive months of gains hasnt happened since last February. Wednesdays ADP Employment Report thought was far, far better than expected and triggered the run up in Wednesdays rates from 2.56% to 2.62%. Although the ADP report has been wildly inaccurate as a predictor of tomorrows government Employment Situation Report, seeing a jump from last months 179,000 increase in payrolls, past the estimated 213,000 increase to a reported 281,000 reflects that we are gaining jobs much faster than expected. The only thing keeping rates from increasing more is the notable inaccuracy of the report in the past year. What To Expect Thursdays Employment Situation and Jobless Claims numbers will set the tone for the long weekend. If the Employment Report confirms the ADP numbers, were going to see a jump in rates particularly with the three day weekend ahead. Both reports are due out early tomorrow and from that point on, expect many traders to head out for an early start to the weekend. If you need to lock before the middle of next week, do it now. The chances of rates dropping with the long weekend are slim and the chances of a jump in rates if the Employment Report comes out stronger than expected is quite high. There will not be a Friday Financial due to the 4th. Call me with your mortgage needs. Apply at CallJedMarquis One of Lafayettes Finest The past two weeks have been difficult ones as three of Lafayettes historically important citizens passed away. While time and old age finally catch up with everyone who is lucky enough to survive that long, it is difficult when three important figures pass in such a short time. I attended the funeral of one of them yesterday, Guido Gaz, a man I have been privileged to know the past 10-15 years. As the funeral proceeded I was quite impressed by the large number of lives he had touched during his 91 years. There were a number of moving stories but one particularly moved me. During his retirement Guido became the courtesy driver for Stans Automotive on S. Boulder Road. Guido always had an upbeat positive word and an incredibly understanding nature. One morning a younger business man came in and dropped off his car to be worked on. Guido approached him to find out if he needed a ride anywhere as his car would be in the shop most of the day. The gentleman said he just needed a ride home. Once in the courtesy car, Guido noticed a troubled air about the man and attempted to talk with him but the young business man wanted nothing to do with any conversation. As they drove home, the businessman would tell Guido to take a right up ahead and Guido would inadvertently take a left instead. Always apologizing and making a roundabout U-turn or a short cut through a subdivision, the trip was fraught with wrong turns and long short cuts. Slowly over the course of the trip home the young business man spoke a little more but never about what was really bothering him. Shortly before they reached his home, Guido confided in the man a little of the philosophy he lived by: Each day is a gift. The Lord gave each of us a specific number of days on this earth and it is our responsibility to make sure we live each of them to their fullest and make the most out of each day because we never know if there will be another. Several weeks later, the business man stopped by Stans and approached Guido. Not knowing what to expect, Guido greeted the man as he did so many; How you doing? the business man answered and asked Guido how he was. Guido smiled and responded as he always did Good. Good. Good. The young business man then went on to thank Guido for his indirect ride home and relaying his lifelong philosophy. The man it turned out had been very down on his luck and was actually on his way home that prior day to kill himself. Instead, he took another look at life and had chosen a different path. Most of us will never have such an impact on anothers life and even fewer will ever be thanked for it. We never know the lives and people we touch each day of our lives and Guido touched more than his share. Rest in peace my friend. 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 Interest Rate and Economic News for Realtors and Homebuyers 30 Year Fixed RATE: 4.25% APR: 4.308% 15 Year Fixed RATE: 3.375% APR: 3.623% FHA 30 Year Fixed RATE: 3.75% APR: 4.651% 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 Regulated by the Division of Real Estate
Posted on: Wed, 02 Jul 2014 21:07:23 +0000
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