Financial Update by Maurice Soussé

Interest rates are down a bit this week. With mixed economic data this morning, the bond market closed flat. The GDP (Gross Domestic Product) and Pending Home Sales reports came in weaker than expected while Manufacturing Data out of Chicago and the Consumer Sentiment reports were better than expected. The rates went up this morning and then came back down this afternoon. Next week is a “biggy” for rates with the NFP (non-farm payrolls) data being released. In this past this report has swayed rates as much as a .25% in 24 hours.

Now for some great news…..one of our investors will help to approve condo tracts for FHA. That is not a typo…we can help to get your condo project FHA approved. Remember, FHA loans are only for owner occupied properties and is a great way for a borrowers to get in with only 3.5% down. The rates on FHA loans are fantastic!!

In regards to jumbo loans, take a look at the 5/1 ARM that goes up to $5 million in loan amount. 2.5% today. Incredible. The 7/1 Jumbo Arm is almost as good. The current rates at www.avislendingblog.com On this site you can get great information regarding mortgages.

We have quite a challenging real estate market right now, don’t we? Limited inventory, multiple offers, etc. Robert Schuller said “The only place where your dream becomes impossible is in your own thinking”. No matter what the market is doing, you can be successful.