Financial Update by Maurice Soussé

Happy Friday,

The rates are super low this week. The 10 year treasury closed today at 1.91% which is the lowest it has been in about 60 years. Great time to purchase real estate wouldn’t you think?

I know I sound like a broken record, but, this is one of the greatest times in history to purchase a home. With rates this low and prices where they are, this is where true equity and wealth is built. We will look back to this year sometime in the future and recognize this was the time to buy properties.

For 24 years I have been closing mortgages and I don’t ever think we have seen rates this low…….ever.

Concerns over European Debt, a weaker than expected US economy and a possible new round of quantitative easing (QE3) is sending investors to purchase treasury bills. Traders think they could see the 10 year treasury dip as low at 1.75% in anticipation of the FED’s announcement, but, feel that there should be an immediate bounce up once revealed.

Underwriting times on purchases are still quick at about 5-7 business days, which, in this market is super!

I really like the quote from Norman Vincent Peale who said “It’s always too early to quit”.