After touching the lowest levels on official record before Thanksgiving (see link), rates are now about .1% higher than that. Rates change daily as mortgage bonds trade. Rates held lows coming into this week due to scares about Dubai’s ability to service their debt, and as that subsided, we end the week with the best
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After touching the lowest levels on official record before Thanksgiving (see link), rates are now about .1% higher than that. Rates change daily as mortgage bonds trade. Rates held lows coming into this week due to scares about Dubai’s ability to service their debt, and as that subsided, we end the week with the best
Earlier this week, the country’s first marijuana cafe opened up, which not only sells medical marijuana, but also has a restaurant where customers can eat. In a related story, the recession is over! Rates Touching Record Lows Whoever wants a 4.50% 30-yr fixed rate conforming loan with a point back to cover closing costs, raise
The other day my boss commented that, “If every employee contributed half of their life savings to our firm, we’d be on the road to profitability!” I knew things were getting tough when they replaced “Bring Your Child to Work Day” with “Bring Your Child to do Work Day”. On the other hand, the margarita
Rate Levels Rates on conforming loans up to $417k and super-conforming loans up to $729k continue to trade up and down as much as .5% per week, and this week we’re on the wrong side of that. Rates on Jumbos from $729k to $3.5m are about the same. Unlike loans up to $729k, jumbos aren’t
As first it was a shock yesterday to see that Bloomberg TV ran a story about whether the hotness of the waitresses at your local restaurants can tell you anything about the economy. Then we read the source material, a Hot Waitress Index story in New York Magazine which poses this theory: the hotter the
Final 1Q2009 GDP came in today at -5.5%, and combine with 4Q2008 GDP of -6.3%, these two quarters represent the largest economic contraction since 1947—since then, the economy has never contracted by more than 4% for two consecutive quarters. This is the final number for 1Q2009 GDP and no more revisions will be made. As
Preliminary 1Q2009 GDP came in today at -5.7%, and combine with 4Q2008 GDP of -6.3%, these two quarters represent the largest economic contraction since 1947—since then, the economy has never contracted by more than 4% for two consecutive quarters. There is one more reading due for 1Q2009: the ‘Final’ reading that follows today’s report comes
The job loss problem in America hurt retail sales for the second straight month: Retail sales in the U.S. unexpectedly dropped in April for a second month, indicating that the rising unemployment rate is prompting consumers to boost their savings. The 0.4 percent decrease followed a revised 1.3 percent drop in March that was larger
RATE UPDATE Rates on conforming loans up to $417k are holding around record lows even in the wake of improving economic data which can push rates up. This is largely because of continued Fed mortgage bond buying which drives bond prices up and yields (or rates) down. Rates on high-limit conforming loans up to $729k
Advance 1Q2009 GDP came in today at -6.1%, and combine with 4Q2008 GDP of -6.3%, these two quarters represent the largest economic contraction since 1947—since then, the economy has never contracted by more than 4% for two consecutive quarters. There are two more readings due for 1Q2009: the ‘Preliminary’ reading that follows today’s report comes
Final 4Q2008 GDP came in today at -6.3%. This is the slowest quarterly pace of economic growth since 1982, back when average unemployment was 9.7% (vs. 8.1% as of February) and Michael Jackson’s Thriller was released—and went on to become the biggest selling album in history. As of December 23, 2008, -0.5% GDP was the
Preliminary 4Q2008 GDP came in today at -6.2%. This is the second reading for the period, following the -3.8% advance reading last month and preceding the final number that will be released March 26. This is the slowest quarterly pace since 1982, back when average unemployment was 9.7% (vs. 7.2% as of December 2008) and
Amazon.com WidgetsAt -3.8%, 4Q2008 GDP registered it’s slowest quarterly pace since 1982, back when Michael Jackson and Quincy Jones were working on the Thriller album, a recording project that ran from April until November of that year. Things were terrible then with unemployment averaging 9.7%. Yet Thriller stands to this day—a day we’re entering into
Advance 4Q2008 GDP came in today at -3.8%. This is the first reading for the period, with the preliminary reading coming February 27 and the final reading in late March. Back in December, analysts called for -6% GDP for 4Q2008 and as recently as this week called for -5.5%. This -3.8% number is more favorable
The FT had a headline on their website this morning saying the economy could lost 50m jobs in 2009. Alarming to say the least, but not unrealistic considering the US alone lost 2.6m jobs in 2008. Here’s the full article, and below are a couple of excerpts. Earlier, the International Monetary Fund increased its estimate
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