Good morning,

Lately the name of the game has been oil (http://money.cnn.com/2008/09/03/markets/markets_newyork/index.htm?postversion=2008090310) .

I find it funny that one thing can affect the entire economy so dramatically from week to week. As you will see below, rates took a massive drop this week. There are no major economic reports being released so trading has been made based off of speculation and it appears that the stock market was expecting Gustav to cause more damage to the oil industry than it did. Fortunately for the people who are living in the wake of yet another hurricane, this one seemed to cause much less turmoil than previous storms.

This exceptional dip in rates is a great time for anyone still in an ARM loan to lock into a long term loan and avoid the uncertainty of rate changes. This is a great time to send a little reminder out to any former clients, business partners as well as friends and family to give them a heads up. A quick and easy way to touch base with them and see how life is going for them again.

Here are today’s rates*:

30 Year Fixed: 5.875

15 Year Fixed: 5.500

5 Year ARM: 5.500

-Matt

*rates are based off of an assumed loan size of $200k with a 700 credit score or higher and an LTV of 80% or less.