Dec 1st Video Mortgage and Financial Market Update...

Hello Friends, I hope you all had a special Thanksgiving Holiday and long weekend. Unfortunately real bad Global Manufacturing numbers came out this weekend and the news hit the international markets first, setting up our Fed Futures and market to open ugly this morning. The Dow is down 442 as I type and mortgage backed securities which should be rallying, are flat, only up 6 basis points. Also, spending on Black Friday and this weekend showed a 7% increase from last year but the numbers appear skewed though due to the slashing and discounts offered by stores to get people in as well as the stores that are closing up shop, selling off products below costs. Like always, I like to leave on a positive note, so here is the good news. Oil had a short rally last week but ended with the global manufacturing numbers hitting the wires, oil is back under $50 a barrel. Also, the great news for us in the mortgage and real estate business as well as our friends and clients, I just locked a 30-yr mortgage for a client that was willing to pay a discount point at 4.875% with an APR around 5.2% I think we can all agree that when a 30-yr fixed mortgage drops below 5%, home buying is an investment you can't pass. Especially on our investment properties, those should cash flow easy now with these rates and decline in home prices. Please watch the video for more details. Be Blessed! Travis