15 yr – 5.25% w/ 0.4% in fees. UP from 5.15%. 1 yr ago – 6.03%
5/1 ARM – 5.19% w/ 0.4% in fees. DOWN from 5.21%. 1 yr ago – 6.01%
1 yr ARM – 5.00% w/ 0.4% in fees. DOWN from 5.03%. 1 yr ago – 5.52%
(Average mortgage rates according to Freddie Mac’s Primary Mortgage Market Survey®, as of 2-14-08)
Note: These rates should be used for trend line analysis only and NEVER for comparison shopping. Your rate will vary depending on multiple factors. In general, this simply helps demonstrate which direction mortgage rates have moved from week to week.
Summary: This week’s economic data showed a mixed picture of the state of the economy. Labor productivity rose higher than market forecasts in Q4’07 while pending existing home sales fell for the second month indicating further weakness in home sales for January and February. As a result, mortgage rates were roughly unchanged this week.
Low mortgage rates and declining house prices contributed to the highest housing affordability numbers in December since March 2005. However, lending criteria have tightened since March 2005 so fewer borrowers are able to take advantage of today’s market conditions.
Wouldn’t it be nice if…
…the US actually got serious about U.S. energy independence with a program geared to 1) alternative sources of energy, 2) access to much more oil and natural gas in Alaska and on the Continental Shelf, and 3) developing massive deposits of oil shale in the West
…drive-by shootings were replaced by drive-by moonings
…the fiscal stimulus program was effective in helping the U.S. avoid or minimize a recession
…stronger Mexican economic growth would provide more good jobs in Mexico
…“far left” liberals and “far right” conservatives would back off a bit
…the outcome of many lawsuits was determined more by the facts and less by who has the deepest pockets
…mortgage finance activity returned to normal
…the Bush tax cuts set to expire in 2010 would be made permanent.
…the Iraqi people would take more responsibility for dealing with terrorists, allowing U.S. military personnel to return home
…politicians were elected based on experience and ability, not on who can spend the most money and sling the most mud
…Wall Street “high rollers” had greater legal and financial accountability for the financial market abuses and miscues of recent years
…the Administration and the Congress would stop bickering and take the modest steps required now to “fix” Social Security and Medicare for the future
…American military personnel could see their families more often
…the housing “bubble” on both coasts and in the SW would deflate gradually
…the national media was more balanced in its reporting—and not so negative
... if people actually understood the full role and purpose of The Federal Reserve (i.e. it always has to do with the bankers, not the economy, wages or the stock market)
…people would spend less than they earn…we didn’t have a $9 TRILLION in gross national debt, and we weren’t spending nearly $1 BILLION a day just to pay the interest on that debt (Thanks politicians!)
…we could strike a reasonable balance between energy conservation and the need for new sources of energy
…America’s silent majority (our parents and grandparents) received greater respect for the enormous wartime sacrifices they made to help protect the freedoms we all enjoy today
…“government” would recognize that it is there to serve the people, and not the other way around
…members of Congress would finally recognize that reducing tax rates typically increases tax revenue…and increasing tax rates typically reduces tax revenue
…“old fashioned” common courtesy between people made a big comeback
…the problems in schools today were still spit wads, gum chewing, and truancy
…Social Security and Medicare taxes were less painful…four out of five American workers now pay more in these taxes than they do federal income taxes
…each long-term member of Congress was required to take a year off, start a new business with limited funding, and then deal with the complexities and hassles they have created
…primary and secondary schools had competition for teachers, students, and funding—just like colleges and universities
…we would all keep in mind that despite the problems and challenges we face in the U.S., this is still the greatest country in the world
Partially borrowed from Jeff Thredgold, Economic Futurist
Thought of the Week: "You have to put in many, many tiny efforts that nobody sees or appreciates before you achieve anything worthwhile.” - Brian Tracy, Author
