Financial Update by Maurice Soussé

It’s a beautiful Friday. I love the Fall weather.

The 10 year treasury yield closed at its highest number in months. From Monday to today’s closing, we jumped from 2.17 to 2.32%. What does this mean? Mortgage backed securities are up, as are rates. I know we have been wondering for some time when the FED will raise rates. I am a betting man and I will bet you a Starbucks coffee that the FED will raise rates at the December meeting.

Today’s jobs report showed non-farm payrolls increased 271,000 last month which is the largest increase since last December. To put it in perspective, the numbers in August and September were 136,000 and 142,000. The FED has to raise rates!! If you have a client on the fence about buying, let them know now is the time to lock in a low rate.

Interest rates are still in the low 3’s on our 15 year fixed rates and Jumbo 30 year fixed in the high 3’s. Don’t let anyone suggest to you that rates are too high. They are still phenomenal today.

Speaking of the phenomenal, Audrey Hepburn said “Nothing is impossible. The word itself says I’m possible”. Get outside your comfort zone this week and try a new marking plan or system.