Vacation Update
Question of the week: No question this week as we return from vacation.
Have a question? Ask me!
Rates for Friday January 3, 2020: Rates are flat from last Friday as traders laid low through another holiday week. The escalation of tension between the United States and Iran could (should) put pressure on rates to drop as conflict, turmoil and uncertainty usually has investors reacting to protect investments and “flee to safety,” which means fixed rate instruments like mortgages. Note that we start the new year and decade with the lowest rates for the first week of the year since January 2013 when the conforming and high-balance conforming rates were one-quarter percent lower (0.25%) than they are today. Also note the conforming and high-balance rates are 1.125% and 1.00% lower, respectively, than the first Friday of 2019.
FIXED RATE MORTGAGES AT COST OF 1.25 POINTS LOCKED FOR 45 DAYS:
30 year conforming 3.50% Flat
30 year high-balance conforming 3.75% Flat
Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. Rates are based on 20% down with 740 FICO score for purchase mortgages.
As mentioned above, the Smith Family is heading home after a week away. Our tradition is to travel to Scottsdale, or Palm Desert if Dad forgets to make reservations soon enough, right after Christmas for a week. I get in some golf, everyone else gets multiple days to sleep in, we take hikes, play games and catch up on the December Christmas movie releases.
This week we saw:
“It’s A Beautiful Day in the Neighborhood,” excellent movie, Tom Hanks is fantastic as Mr. Rogers and the production was perfect way to tell the story of the man Mr. Rogers was and his impact.
“Uncut Gems,” is a very gritty movie that was very, very good. Our oldest, who does not like movies of this sort summed it up, “I did not like this movie but it was really well made.” Adam Sandler is excellent playing a guy who can’t make a good decision. The entire movie I was anxious and uncomfortable watching Sandler’s character go through a series of events.
“Little Women,” another really good movie. Well cast, the director followed the 1994 adaption of Louisa May Alcott’s classic novel of four sisters and did a very good job. For the guys reading this, “Little Women” is a great date night movie, for the women, it is a great date night or girls-night-out movie.
“Richard Jewell,” shows, once again, how good Clint Eastwood behind the camera. Telling the story of the hero then villain of the bombing in Centennial Park during the Atlanta Olympics in 1996, Eastwood has viewers going through a range of emotions. The entire cast did a great job, especially Paul Walter Hauser in the lead role.
I recommend all of our vacation week movies, and if you go see them hope you enjoy them as much as we did.
(Side note, previously we have seen “Ford vs Ferrari” and “Knives Out,” both excellent movies that I also highly recommend. “FvF” was enjoyed by Leslie and our high school daughter, so it is not just a guy-flick, that said, Dad’s/Granddads a nice night out with son/grandson. “Knives” is extremely well done and the relatively unknown main character does a great job carrying the story from scene to scene amongst an all-star line up of fellow cast members.)
Happy New Year and Happy New Decade to everyone!
Dennis
Past Weekly Rate & Market Updates can be found on my blog page at my website www.DennisCSmith.com/my-blog
