Financial Update by Maurice Soussé

Interest rates are steady from last week while the 10-year treasury continues to go lower. The FED kept rates the same as tension about global markets and as a stall in our overall US growth has set them to pause on any increases.

In bigger news, Japan adopted a negative interest rate policy. A negative rate policy means that large commercial banks, who maintain excess cash, must PAY the Japanese government for them to hold their money. It forces banks to get their money lent out to the markets to make an actual interest rate return. It also keeps consumer rates low hoping people will then spend more money in the economy.

Take a look at our Jumbo rates. 3.875% on a JUMBO mortgage up to $3 million. That is an incredible rate for a long term fixed. Underwriting times are swift right now and conventional loans are closing quickly. TRID has added a few days to the mix, but the industry is adapting and creating new ways to be efficient.

Do you have a condo transaction that is in litigation? We have an investor who will close the transaction and accepts tracts with litigation.

Have you had any challenges this week? You can overcome them. Remember the quote “In the realm of ideas everything depends on enthusiasm…in the real world, all rests on perseverance.”

Have a blessed weekend and let us know if we can help in any way.