Financial Update by Maurice Soussé

Interest rates bounced up again this week as the FED committee minutes revealed further talk about a coming taper in bond purchases. This slowdown of Quantitative Easing sent bond rates up and we had three rate increases on Wednesday. Rates are up about an .125% over last Friday.

Fannie Mae reported that the Housing Recovery is intact but moderating at this time. Existing home sales decreased in September and the a sharp decline in pending sales signals a slowdown for the coming months. House price gains also started to moderate, but limited inventories will continue to support price values.

Take a look at the 5/1 jumbo ARM at 2.625%. This loan goes up to $5 million and is an incredible rate!!

Our quote this week is more on the comedic side. Don’t ever be afraid to laugh at yourself. It keeps you humble and grounded. Helen Rowland said “Life begins at 40, but, so do fallen arches, rheumatism, faulty eyesight and the tendency to tell a story to the same person, three or four times” I’m confident I resemble this quote!!