Financial Update by Maurice Soussé

Happy Friday,

Interest rates are pretty steady from last week. Yesterday the European Union came out with austerity measures which sent rates shooting up….but, Friday morning payroll numbers push the 10 year treasury back down to the same low rates we had last week. The 30 year fixed rates are holding steady.

Recently we have had many clients asking about investment properties and doing 5/1 and 7/1 ARMs. FNMA likes 30 year fixed rates on investment places. There is too much risk for them to swallow in this market still by doing short term investment loans. The investment property rates are usually only .25- .375% higher than the regular rates.

Our quote this week struck me as I watched the Para Olympics this week…”The only disability in life is a bad attitude.” Jimmy Scott Hamilton