Another Good Friday 
Today was another steady day for mortgage rates. Rates remained unchanged from last Friday, and we did see the mortgage bond market maintain its' positive rate outlook throughout the week.

I hope everyone has a great weekend. We have 2 Halloween parties to attend as a family this weekend, so I will be spending a lot of time dressed as Tic-Toc, the alligator from Peter Pan.


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September New Home Sales 
At 10:00 this morning, the September New Home Sales figure was released. Believe it or not, New Home Sales jumped up 4.8%. Comparing this number versus yesterday's Existing Home Sales decline tells me that there are home buyers in the marketplace, but that they are opting to purchase new homes in most cases. My understanding is that many Home Builders are making drastic sales concessions or price reductions, which are driving buyers to choose a new construction home. Existing home sellers may not be in a financial position to compete with builders' give-aways.

On the mortgage side of the equation, this increase is very good news. Although it is only one month and August's number was revised downward, it tells me that the housing industry may be in better shape than we have been led to believe.

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September Existing Home Sales 
Earlier this morning the September Existing Home Sales figure was released, showing a whopping drop of 8.0%. The mortgage bond market rallied briefly on the news and has been able to hold on to it's gains. This is the lowest number for Existing Home Sales in 8 years.

I'm sure this is something that was not a surprise to anyone. Everything I read, see, or hear about housing is doom and gloom. Certainly housing is taking a beating, and part of the problem is due to borrowers being sold loans that were not in their best financial interest.

I am surprised that people aren't buying homes, especially since everyone needs a place to live and there are some very good values out there. In my opinionm, housing is one of the biggest drivers of our economy. The more homes that are sold, the more work there is throughout the economy. I guess what I'm trying to say is, "It's time to buy a home."

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A Good Friday for Mortgage Rates 
Well, another week has passed and it's time for the weekend. A trip to the Pumpkin Patch is on the schedule for tomorrow. Before I go I wanted to let everyone know that mortgage rates improved roughly a 1/4 (0.25) point today. The 10 Year Treasury dropped over 100 basis points today to a rate of 4.401%, the lowest it has been in quite some time. These are positive happenings for the mortgage market and the real estate industry.

Have a great weekend!

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Seth Tobias 
I heard some sad news this morning. Seth Tobias, hedge fund manager for Circle-T Partners has died. He managed a very large fund for Circle-T and lived in Florida. Apparently he died of a heart attack, but the interesting news here is that Tobias and his wife had a personal assistant who claims that Tobias was murdered. He also says that he has video of the crime. Police say they are investigating the death, but did not say anything about it being a murder.

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