Happy Friday Morning!

The rates have remained about the same as in my last email.

Today's par rate on purchases. . . 30-yr fixed program. . . include the following:
-FHA with 30 day lock: 5%
-Conforming with 30 day lock: 4.875%

The good news this morning was that the jobs data was not much worse than expected. The bad news, however, is the U.S. economy shed 524,000 jobs in December and the unemployment rate spiked to 7.2%. The total amount of job losses for 2008 totaled 2.589 million, the most since 1945. The equity market is trading lower on this news while U.S. treasuries are seeing a slight rally. Mortgage bonds remain flat from the close on Thursday. The Federal Reserve Bank of New York reported yesterday that approximately $10 billion of Fannie, Freddie and Ginne securities were purchased for its account this week, as it wades into the market. The Fed has announced it will purchase as much as $500 billion of mortgage backed securities by June 2009, in an effort to lower mortgage interest rates and support housing prices. In reviewing the effect of the initial $10 billion purchase, the Fed may not have to spend as much as initially thought to keep rates low. Only time will tell.

Have a great weekend!

Etta Foote
Sr. Loan Officer
Specializing in FHA, Conventional, Rehab & Construction Loans
EVOFI PLATINUM LENDING
702-293-0563 ho
503-551-2522 cell
702-947-7463 wo
702-952-0695 fax w/cover
website: www.evofione.com/etta.foote
email: ettaken@msn.com

Labels: 30 year fixed, constructions loans, etta foote, fha, lending, loans