Rates
Well it finally looks like rate are going to run out of steam, after 3 weeks of improving, looks like Russia is finally backing down and the bond market is WAY over bought.
So yesterday and today we are seeing some pull back, which we saw coming and locked in most of our loans.
There is still a little Russia playing in the numbers, and Sunday’s elections will be a pretty good sign of what to come, but it seem like most bond traders are getting tired of the Russia news and are starting to focus on US economic news, i.e. Russia will get Ukraine, let them have it.
This weeks economic news for the US was all pretty good:
-ISM Non-Manufacturing 55.2 vs est. of 54.1
-Jobless Claims 316K vs est of 325K
We really need to start watching this, when claims start to consistently dip below the 300K mark, watch out.
-Wholesale inventories up 1.1% vs est. of .5%
We are in a lock mode now, could rates improve more, maybe, but with this run up there is a greater likely hood of rates going up than going down more.
Technically rates should be, if just going off economic news, in the high 4’s to low 5’s by now. So getting rates at these levels is a blessing.
Many talking heads have indicate rates are on a bubble, and when it burst it is going to go down hard.
Realtors as Independent Contractors?
Found this on Realtor web site, this is a lawsuit which ALL Realtors should be interested in.
And believe me; the Government would REALLY like all of you to be w-2 employees!!
Realtors as independent contractors: http://youtu.be/TzLBwHRxEBQ
Mortgage Calculator
I have had lots of people call me and say they have used mortgage calculators online and they are not accurate.
Typically I see they only give a PI amount and totally forget the taxes, insurance and mortgage insurance.
So I am going to try and resolve this:
1-My new web site will have accurate calculators, for people to use, with full payments.
2-My smart phone app will also give people full payments, accurate loan numbers, RESPA/TILA compliant.
Watch for both coming, AND there is opportunity for Realtors to CoBrand on the Smart Phone App!
Rural Development
RD came out with their new maps on Tuesday!
Not much changed in the Treasure Valley, but I will update my maps in the RD section of my web site, link here!