Rates
Rates this week fell out their 2014 lows as Russian and Ukraine seem to be cooling off and investors focused more and more on US economic news.
We are still trading in a pretty defined area, but rates are starting to tick a little towards the mid 4’s rather than in the low 4’s
Here is the Economic news this week:
-July Factory orders up 10.5%
-Auto Sales up to 17.53M vs est of 16.6M
-ADP private payroll 204,000 added, vs est. of 215,000, lower number, but still hugely positive.
-Weekly Jobless Claims 302K vs est. of 300K,
-ISM non-MFG 59.6 vs est. of 57.5 (HUGE increase)
-Non Farm Payroll 142K vs est. of 225K, big miss but discounted because traders see this as typical for August and seasonal people getting laid off.
So WOW on all of the economic news, and thus we saw rates climb.
This isn’t the beginning of the end for rates, Russia and Ukraine could still trade bullets and rates will once again sink.
But if we don’t see any more bullet trading, and the Bond Traders once again focus on US Economic numbers, we will start to see rates once again tick up.
Also, item to note, that within the next 30 days, the Federal Reserve will be getting out of QE3, and will not be buying mortgage bonds anymore, so this could start rates on their climb to that magical 6% mark.
Rural Development
Don’t forget, beginning October 1st, RD loans will be getting a little more expensive for new home buyers, RD in increasing their monthly Mortgage Insurance from .40% to .50%, thus adding roughly $8.30 per month on a $100,000 loan amount.
Lead Generator
Daylight savings time end date is fast approaching, November 2nd. So it would be a good time to send out a letter or card to your clients and remind them to change their batteries in smoke detectors, change their air filters, and remind them that you are the best Realtor in the world, and that Zillow isn’t.
Public Notary
Didn’t know if you knew, I am a public notary and will notarize items for you for FREE.
Reason you won’t make it selling Real Estate
I saw this article and wanted to pass it along, pretty interesting read:
http://realtormag.realtor.org/sales-and-marketing/sales-coach/article/2014/06/5-reasons-you-won-t-make-it-selling-real-estate
Downpayment
Redid my web site and now have a cool one for reference to Downpayment Assistance, there is quite a bit being offered: http://www.375loan.com/loan_products/downpayment_assistance/