Weekly Rate & Market Update 12-23-16
Question: What should I do if I think someone stole my social security number?
Answer: This question came up this week when my father in-law had someone break into his home and steal financial documents, including tax returns and his passport. What to do?
Thankfully in the age of the internet it is pretty easy to get contact information for various notifications you need to make to ensure, or try to ensure, your protected from further theft using you social security number, bank or credit card information. Below I have a summary of contact information for various agencies you may want to notify.
The first thing you should do is notify your local police department or sheriff’s office and request an officer come out to take a report—you may need this report for insurance claim or some financial institutions.
Second call your bank and let them know what has happened, chances are they will want to close our account and open a new one. This means you will need to notify whomever you receive automatic deposits from, such as your employer or if retired the social security administration or financial institution that may be making transfers from your retirement account to your checking account. As well if you have any automatic payments for your mortgage, auto payment, utility bills, etc you will need to notify those companies if they pull your payments, or you will need to set up new transactions if you push the payments.
Then contact your credit card companies, they too will cancel existing accounts and issue new cards—same as above, if you have any automatic charges to your credit card(s) for services such as the gym, alarm company, insurance, Amazon, etc you will need to change the payment with those providers.
The bank and credit card notifications can be pretty simply, now comes a bit more work.
Contact one of the credit bureaus and they will place a fraud alert on your social security number and alert the other credit bureaus of the alert, here are the numbers for TransUnion and Experian, as well the link to file on-line:
Trans Union: 1-800-680-7289
Experian: 1-888-397-3742
You will want to notify the IRS so they are aware your social security has been taken and be on alert for someone using your number to file taxes and possibly get a refund sent to them at a different address or more likely a direct deposit of the refund into a bank account. You can file on-line with the IRS at this link: IRS Identity Protection or call them at 800- 908-4490.
The social security administration is a bit more challenging, waits on the phone can be very long, up to an hour, or you may visit the local office. The main concern retirees will have with the social security administration is the thief contacting SSA to change where the monthly social security check is sent, or setting up an on-line account. If an on-line account is set up, or changed, SSA will notify you via the mail as to the change. Contact the SSA to let them know about the theft and that you will not be setting up nor changing any on-line account.
If like my father in-law your passport is also stolen you need to file with the information with the State Department with a specific form, this form is available on line to print and send in, or you can complete the form on line and submit electronically at https://pptform.state.gov/ or you may call them at 877-487-2778.
Unfortunately there are those in our communities who have the desire to steal from others rather than earn it themselves, and we must protect ourselves as best we can. Try to keep your financial information in a safe and secure location, do not throw statements in the trash or recycle bins but shred them and keep an eye on your neighbors homes and hope they are doing the same for you.
Remember, with Dennis it’s not just a mortgage, it’s your complete financial picture.
Now that the Fed rate increase is old news, some traditional and relatively boring economic news was released this week. Existing home sales climbed in November along with interest rates, perhaps the rising rates knocked some who were waiting for lower rates off the fence when rates did climb. There is not a lot of supply so not only have rates going up but so are prices, those who have been waiting to purchase are paying higher monthly payments and prices for their new home. This news is semi-negative for mortgage rates.
Every revision is higher for 3rd Quarter GDP. With the third and final revision the GDP is estimated to have grown 3.5% in the quarter ending September 30th. It is the strongest quarterly growth since the 3rd quarter of 2014. Consumer spending pulled the GDP up also pulling up prices 1.4% over 2015. The news supports the Fed’s decision to increase rates last week and if future quarters retain the growth of over 3% then the chances of future rate hike from the Fed is very high. The news is unfriendly for interest rates.
Rates for Friday December 23, 2016: With a low volume trading week rates have stayed flat from last Friday, a welcome break in the increases we have seen. Will this be our ceiling in the current market? We have two short weeks back to back which can lead to tight trading so we may not see if we have leveled off for another two or three weeks. In the meantime my advice holds to lock in your rate lock as soon as you can to protect against future rate hikes.
FIXED RATE MORTGAGES AT COST OF 1.25 POINTS
30 year conforming 4.125% Flat
30 year high-balance conforming 4.25% Flat
30 year FHA 3.50% Flat
30 year FHA high-balance 4.00% 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 (3.5% for FHA) with 740 FICO score for purchase mortgages.
I hope Santa is kind to everyone and everyone is kind to each other through not only the holidays but also through 2017. Too much vitriol and empty rhetoric that has caused strains and breaks within families and friendships this past year. Let’s all stay focused on what we can do to be better husbands, wives, children, neighbors and friends.
Have a great week,
Dennis
