Bill Ladewig's Blog: MORTGAGE INTEREST RATE LOCK ADVISORY 2/17/16

MORTGAGE INTEREST RATE LOCK ADVISORY 2/17/16

MORTGAGE INTEREST RATE LOCK ADVISORY
February 17, 2016, 7:45 AM PST 
 
FEATURED LOAN
LOCK ADVISORY -  Click for current Lock Advice
  • 1-14 Day Close:  LOCK
  • 15-30 Day Close: FLOAT With Caution
  • 31-45 Day Close: FLOAT  
  • Recommendations can change throughout the day.   
MORTGAGE MARKET INDICATORS -  Click for current Markets
  • Freddie Mac Average:30-Yr FRM, Down 0.07 point on: 2-11-16 to: 3.65% 
    Rate Price Based on 3% MBS, Up 0.21 Point. 
    DJI Stocks - Currently, $16,402.23, Up $205.82 1.25%
    Asian & European Stock Market Indexes Up 1.188%
    Crude Oil (WTI) - Currently, $29.72, Up $0.68
    Gold 1 Ounce - Currently, $1,212.60, Up $2.40
MARKET REPORTS & ANALYSIS     
  • Across the board, today's Producer Price Indexes data was hotter than expected.Certainly well below the Fed's target rate of 2.0% but still this is the first time in awhile that we have rec any inflationary data. This is generally negative for back end pricing. 
  • Rates were largely unchanged yesterday, but remained near recent lows. I'm in a "locking earlier" mode now, given how much ground my pricing picked up. I'd rather lock a little too soon than too late, given that current pricing is nearly the best in a year. There's nothing less appealing that calling clients to discuss how much their pricing worsened overnight, not fun for anyone."
  • Morgan Stanley's shareholders must pay $3.1 Billion to settle federal and state probes concerning "deceptive" handling of mortgage-backed securities. Meanwhile, Morgan Stanley executives recieve bonuses and none are jailed.
NEWS LINKS
(Thanks to Rob Chrisman for this one.)
Ira Kaplan hadn't returned to the old neighborhood since he went off to fight in Vietnam. During a business trip to New York he visits his old neighborhood on Kotler Avenue in the Bronx.
Everything has changed over the years. Where once there was Edelstein's Delicatessen, there is now a McDonald's; where Fleischman's Dry Cleaning (One-Hour Martinizing) used to be, a Korean nail salon and spa now is; where Ginsberg's Department Store was, there is now a Gap.
Nothing is the same, except for the narrow storefront of Klonsky's Shoe Repair, which, dimly lit as ever, is still in business.
As Kaplan passes the shop, he recalls (such are the quirks of memory that he does not know how) that just before he was drafted to go off to Vietnam, he had left a pair of shoes with Mr. Klonsky that he never bothered to pick up.  Could they, he wonders, possibly still be there?
A small bell tinkles as he enters the dark shop.
Mr. Klonsky, who seemed old 40 years ago, shuffles out from the back. He is hunched over, wearing a leather apron, one eye all but closed.
"Excuse me, Mr. Klonsky," Kaplan says, "but I used to live in this neighborhood, and 40 years ago I left a pair of shoes with you for repair that I never picked up. Is there any chance you might still have them?"
Klonsky stares at him and, in his strong Eastern European accent, asks, "Vas dey black vingtips?"
"They were indeed," Kaplan only now recalls.
"And you vanted a halv sole, mit leather heels?"
"Yes," says Kaplan. "That's exactly what I wanted."
"And you vanted taps on the heels?"
"Yes, yes," says Kaplan. "Amazing! Do you still have them?"
Mr. Klonsky looks up at him, his good eye asquint, and says, "Dey'll be ready Vendsday."

 

Comment balloon 0 commentsBill Ladewig • February 17 2016 07:47AM

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