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Today's Rates
30 Yr Fixed Conforming – 5.875%
15 Yr Fixed Conforming – 5.625%
30 Yr Fixed FHA/VA –
6.000%
5/1 Conforming
ARM
–
5.875%
Jumbo – CM Series
30 Yr Fixed –
6.500%
5 Yr LIBOR
ARM
–
5.750%
30 Yr Fixed My Community Solutions –
6.250%
Quote of the Week
"Our greatest glory is not in never falling, but in rising every time we fall."
-Confucius
This information is not intended to constitute an advertisement for purposes of the Truth-In-Lending Act or Regulation Z. It is intended solely for use by Licensed Real Estate Professionals. The interest rates shown are accurate as of the date of this publication, but are subject to change without notice.
Residential Mortgage Licensee FL/NC/GA #15622
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Economic Update
U.S.
Economy
The Congressional Budget Office (CBO), a nonpartisan budget analysis office, said Hurricane Katrina may slow
U.S.
economic growth by as much as 1 percentage point over the rest of the year, and the cost of relief operations may climb to as much as $200 billion. The CBO, in a letter to the leaders of the Senate and House, estimated the loss of revenue from oil production to tourists in the
Gulf
Coast
would cut economic growth in the second half by 0.5 percent to 1 percent. Previously, the CBO had predicted economic growth of 3.7 percent this year and 3.4 percent in 2006. Katrina also may cut the number of jobs by 400,000 this year, the CBO said in the letter. The CBO projected that much of the loss will come from disruption of oil production. The expected cost, in terms of economic growth, is less than initially estimated because of progress in opening oil refineries and restarting pipelines in the region, said the CBO. The CBO said a reduction of oil supplies after the storm “will not necessarily hurt economic activity nationwide.'' Oil prices are 51 percent higher than a year ago, while gasoline futures have surged 76 percent. Oil touched a record $70.85 a barrel on Aug. 30 before the
U.S.
said it would release emergency reserves to increase supply, a move that has pushed crude prices down 7 percent. In addition,
U.S.
lawmakers from both parties, including Senate Finance Committee Chairman Charles Grassley, are urging the Federal Reserve to forgo raising interest rates at its Sept. 20 meeting to help consumers and businesses recover from the hurricane.
Real Estate Watch
In the week since Hurricane Katrina swept through the U.S. Gulf Coast, dozens of Web sites have been launched to provide housing information for those displaced by the storm. A new site, Relief.WelcomeWagon.com, created by Homestore Inc., seeks to make it easier for victims to wade through this vast amount of housing data by aggregating information from a variety of other Web sites and displaying it all in one place. There are currently more than 41,000 listings on the site, and additional hurricane housing sites will be added on a daily basis—alleviating the need for people in need of shelter to conduct the same search on many sites, says Erin Campbell, director of corporate communications for Homestore. Among the housing Web sites that have already been added are: HurricaneHousing.org, KatrinaHousing.org, HomeRentalAds.com, Katrina-Relocation.com, and KatrinaHome.com. By visiting Relief.WelcomeWagon.com, users can search the comprehensive database of available homes, and sort by city/state, number of people, and length of stay. When a search is initiated, multiple hurricane housing sites are simultaneously evaluated for matching search results. Results include available housing in shelters, churches, apartment complexes, single family homes, and senior facilities throughout the
Gulf
Coast
and neighboring communities.
Sources: Bloomberg, National Association of Realtors
Product Highlight
Interest First Program
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