Mortgage commentary and rates with Matt Grant!

Greetings Red Phoenix Nation! Today we have some mortgage market commentary from our mortgage expert Matt Grant! If you haven't taken advantage of rates, think you can't or if you are afraid?!?! Call someone and let us help you get there!!! Take a look at what's going on!

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www.redphoenixco.com

Mortgage Market Commentary:

After last week’s very weak employment report that drove interest rates lower, Treasury will auction $66B of notes and bonds beginning Tuesday. Thursday and Friday PPI and CPI for March will be reported. The US stock market was closed on Friday so Monday morning the market will open weaker on the employment report. The bellwether 10 yr note ended Friday at 2.05% down 16 basis points on the week, almost all the decline in rates last week occurred Friday when non-farm jobs were just half of what was widely expected. Not just the March employment report that is sending US rates lower; Europe’s debt problems, after being somewhat benign for the last few weeks, is back. Spain now the poster child with concern it can’t make it without another EU bailout. The prime minister of Spain set up the concern when he said last week the country was in “extreme difficulty”. Comments like that has renewed safety moves into treasuries as was the case with Greece that took the long rates down. On Wednesday the Fed Beige Book will get a lot of attention after the weak employment report on Friday. The Book is a staff report on the economy with details from each of the 12 Fed districts. The employment report will likely increase the talk of another easing by the Fed; QE3 has been debated now for the last month and the Fed, while not saying anything at the 3/13 FOMC about another ease, is still not willing to completely discount it if necessary.

Current Interest Rates:
· 30 Year Fixed 3.875%

· 30 Year Fixed (FHA) 3.750%

· 15 Year Fixed 3.125%

· 5 Year ARM 2.625%

· 7 Year ARM 2.875%

· Call or Email for JUMBO rates

*** The interest rates posted are approximate rates. Interest rates could be higher or lower depending on the loan amount, loan-to-value, credit score, debt ratio, etc.

As always, have a great week and should I be of assistance to you or your clients, don’t hesitate to email or call direct.



Matt Grant MMS, NMLS #324106
Executive Vice President
o: 952.921.3337
c: 763.370.0418
f: 952.230.7811
e: mattgrant@rubiconmortgagellc.com