Dennis' Mortgage Blog

October 12th, 2007 12:43 PM
Big day today with economic numbers:  Retail sales for September, Producer Price Index (PPI) and Consumer sentiment hit today and again the news was not great for the bond markets.  Retail sales in September, after showing a disappointing August, we up 0.6% in September.  Higher than expectations and showing the American consumer was ready to spend in September.  Interesting because consumer sentiment was 82%, a bit off expectations--so while consumer sentiment regarding the economy was a bit down nonetheless consumers were buying goods in the stores.  Finally the PPI number came in below expectations and indicated low inflation pressure--which is good--however the cloud attached to that silver lining is the number that was favorable to inflation was taking out food and energy costs.  With petroleum futures climbing one wonders when energy costs will begin to infiltrate the economy.
 
While conforming climbed this week the jumbo rate has softened slightly narrowing our gap between conforming and non-conforming:
 
30 Yr. Fixed Conforming with 10% or more down: 6.125% at 1.00 point
30 Yr. Fixed Jumbo with 10% or more down: 6.875% at 1.00 point  **
 
Note these are for 30 day locks, purchase transactions with 10% or more down and strong FICO's. 
 
***PLEASE NOTE*** "Jumbo" for this rate graph is for mortgages identical to those mortgages that fit Fannie Mae and/or Freddie Mac guidelines with the exception of loan amount greater than $417,000.  "Non-conforming" mortgages may be below the $417,000 loan amount and are so designated depending on may factors, including but not limited to FICO scores, income and/or asset verification, etc.
 
 
Let me know how I can assist you and your clients.   Be sure to send them to www.DennisCSmith.com for rates, to apply for mortgages, and a lot of great information on loans and mortgages.
 
 
Dennis
 Friday, October 12, 2007
Posted by Dennis C. Smith on October 12th, 2007 12:43 PMPost a Comment (0)
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