March 25, 2016 – President Kroll was a guest on the Chad Hartman Show
Blog
Annual Minnesota 100 Club Fire and Law Enforcement Dinner
[pdfviewer width=”720px” height=”849px” beta=”true/false”]https://mpdfederation.com/wp-content/uploads/2016/02/Mn100Dinner.pdf[/pdfviewer]
Emerald Society Member’s Night
[pdfviewer width=”720px” height=”849px” beta=”true/false”]https://mpdfederation.com/wp-content/uploads/2016/02/20160304_EmeraldSocietyFlier.pdf[/pdfviewer]
[pdfviewer width=”720px” height=”849px” beta=”true/false”]https://mpdfederation.com/wp-content/uploads/2016/02/SPD2016_EventSchedule.pdf[/pdfviewer]
Mortgages and Stocks Rally on Japan Rate Cut
Friday’s surprise move by the Bank of Japan (BOJ) was positive for global bond markets. The BOJ announced that it was cutting short-term rates to try to boost economic growth and inflation. While the BOJ made no change to its massive bond buying program, BOJ officials expressed a willingness to expand the program in the future if necessary. The BOJ announcement was favorable for U.S. stocks and mortgage-backed securities (MBS).
The two biggest U.S. economic reports released over the past week did nothing to conflict with the outlook for slower growth. Fourth quarter Gross Domestic Product (GDP) increased just 0.7%, down from 2.0% during the third quarter. For the entire year, GDP rose 2.4%, matching the level seen in 2014. Durable orders in December declined 5% from November, which was much weaker than expected. Slower growth means less inflationary pressure, which is good for the prospect of continued low mortgage rates.
Week Ahead
Factors: The important monthly Employment report will be released on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month.
Volatility: Increasing
Trend: Neutral
Today’s rate snapshot: 30-day lock rates as of 01/11/2016 1:15PM:
30-year Fixed (conforming): 3.75% (4.00%APR*) down .125% from last week
15-year fixed (conforming): 3.00% (3.25% APR*) down .125% from last week
7-year ARM (conforming) 3.25% (3.375% APR*) same as last week
30-year Fixed (jumbo) 3.75% (3.875% APR**) down .125% from last week
*Based on 70% LTV, primary residence, rate and term refinance and purchase, 175k minimum loan size, 30-day lock. Rates subject to change at any time based on bond market pricing fluctuations. **Minimum loan size for a jumbo loan is $418,000. This information is intended for professional reference only, and not intended for consumer use. Additional qualifications and disclosures apply.
Have a great week!
Jim Krantz
Vice President
NMLS # 761955
Jim.Krantz@TraditionLLC.com
Direct 952.252.4488 / Cell 612.716.9999 / Fax 952.252.4489
Tradition Mortgage LLC
NMLS # 286998
4350 Baker Rd Suite 190 / Minnetonka, MN 55343 / www.TraditionWest.com
Guest Post – Tradition Mortgage’s Weekly Update January 19, 2016
Rates Dip As China Slips
Investors have grown more concerned that economic growth, particularly in China, will slow more rapidly than expected. In recent years, China has been responsible for a significant share of global economic growth, and weakness in China’s performance are felt in many countries. As a result, stock markets around the world posted another week of large declines. For mortgage rates, slower growth is positive since it reduces the outlook for inflation.
Back on the home front, U.S. consumer spending accounts for about 70% of economic activity, making the retail sales data one of the most important reports each month. The December shortfall in retail sales as compared to the consensus was good news for mortgage rates, the fact that retail sales have been somewhat low in recent months is not totally due to slowing economic activity. To some degree, the retail sales figures are simply the result of a nice decline in the cost that consumers have to pay for the items they purchase.
Week Ahead
Factors: NAHB Housing confidence index will be released on Tuesday. Housing Starts and CPI will come out on Wednesday. The Consumer Price Index (CPI) is the most closely watched monthly inflation report, and it looks at the price change for finished goods which are sold to consumers. Existing Home Sales will be released on Friday.
Volatility: Increasing
Trend: Slightly Lower
Today’s rate snapshot: 30-day lock rates as of 01/11/2016 1:15PM:
30-year Fixed (conforming): 4.875% (4.00%APR*) same as last week
15-year fixed (conforming): 3.125% (3.25% APR*) same as last week
7-year ARM (conforming) 3.25% (3.375% APR*) down .125% from last week
30-year Fixed (jumbo) 3.75% (3.875% APR**) down .125% from last week
*Based on 70% LTV, primary residence, rate and term refinance and purchase, 175k minimum loan size, 30-day lock. Rates subject to change at any time based on bond market pricing fluctuations. **Minimum loan size for a jumbo loan is $418,000. This information is intended for professional reference only, and not intended for consumer use. Additional qualifications and disclosures apply.
Have a great week!
Jim Krantz
Vice President
NMLS # 761955
Jim.Krantz@TraditionLLC.com
Direct 952.252.4488 / Cell 612.716.9999 / Fax 952.252.4489
Tradition Mortgage LLC
NMLS # 286998
4350 Baker Rd Suite 190 / Minnetonka, MN 55343 / www.TraditionWest.com
Guest Post – Tradition Mortgage’s Weekly Update January 11, 2016
Overseas Issues Push Rates Lower
Several events caused investors around the world to shift their holdings to safer assets. On Monday, Saudi Arabia cut diplomatic ties with Iran, raising tensions between these two major powers in the Middle East. On Wednesday, North Korea announced that it had successfully tested a hydrogen bomb. Weaker than expected economic data in China released this week also was positive for mortgage rates.
U.S. Job Numbers Up Big
Despite troubles abroad, the U.S. job market surged in December. Against a consensus forecast of 200K, the economy added 292K jobs in December. Upward revisions to prior months added another 50K. The U.S. added an average of 284K jobs over the last three months, and 2.65 million jobs were added in 2015.
Surprisingly strong job gains often cause mortgage rates to move higher. However, there was little net change in rates after this report. One reason is that average hourly earnings, an indicator of wage growth, fell short of expectations with a flat reading. The lack of wage inflation was positive news for mortgage rates.
Week Ahead
Factors: The JOLTS report, will come out on Tuesday. JOLTS measures job openings and labor turnover rates. Retail Sales and the Producer Price Index (PPI) will be released on Friday. Consumer spending accounts for about 70% of economic output in the U.S., and the retail sales data is a key indicator.
Volatility: Moderate
Trend: Neutral
Today’s rate snapshot: 30-day lock rates as of 01/11/2016 1:15PM:
30-year Fixed (conforming): 4.875% (4.00%APR*) down .125% from last week
15-year fixed (conforming): 3.125% (3.25% APR*) down .125% from last week
7-year ARM (conforming) 3.375% (3.50% APR*) down .125% from last week
30-year Fixed (jumbo) 4.875% (4.00% APR**) down .125% from last week
*Based on 70% LTV, primary residence, rate and term refinance and purchase, 175k minimum loan size, 30-day lock. Rates subject to change at any time based on bond market pricing fluctuations. **Minimum loan size for a jumbo loan is $418,000. This information is intended for professional reference only, and not intended for consumer use. Additional qualifications and disclosures apply.
Have a great week!
Jim Krantz
Vice President
NMLS # 761955
Jim.Krantz@TraditionLLC.com
Direct 952.252.4488 / Cell 612.716.9999 / Fax 952.252.4489
Tradition Mortgage LLC
NMLS # 286998
4350 Baker Rd Suite 190 / Minnetonka, MN 55343 / www.TraditionWest.com
January 8, 2016 – Philadelphia police officer shot in car
‘It’s amazing he’s alive’: Philadelphia police officer shot in car.
https://www.cnn.com/2016/01/08/us/philadelphia-police-officer-shot/index.html
(CNN)—A Philadelphia police officer is recovering after being shot three times while he was in his patrol car in west Philadelphia on Thursday night, CNN affiliate KYW reported.
The officer was sitting in his car near an intersection when someone fired 13 shots into the driver’s side of the vehicle about 11:30 p.m., KYW reported, citing police.
“Shots fired! … I’m bleeding heavily!” the officer shouts in a recording of his radio call for backup. “I’m bleeding. Get us another unit out here!”
The officer returned fire, striking the alleged shooter, KYW reported. A suspect eventually was arrested and taken to a hospital, according to KYW.
The officer also was taken to a hospital, where he underwent surgery for a broken arm, KYW reported.
Information about the suspect’s condition wasn’t immediately available.
Philadelphia Police Commissioner Richard Ross told reporters that he saw video of the incident and that it was “absolutely one of the scariest things I’ve ever seen.”
Information on where the video came from wasn’t immediately available.
“This guy tried to execute the police officer. The police officer had no idea he was coming,” Ross said. “It’s amazing he’s alive.”
Ross said it appears the officer suffered significant nerve damage.
“Fortunately, he’s awake. He was coherent. He’s OK,” Ross said.
Guest Post – Tradition Mortgage’s Weekly Update December 28, 2015
Is Santa Coming to the Stock Market? Rates Hope Not
There is little in the way of meaningful economic data for mortgage investors to consider during the course of this holiday shortened week. The few investors actually at their desks will probably look to trading action in the stock market for clues as to where to set mortgage interest rates.
Over the course of the 119 year history of the Dow Industrial Average, the index has turned in a gain 79% of the time over the last five trading days of the year, aka: “The Santa Claus Rally”. Since 1971 the NASDAQ has seen a gain 80% of the time over the last five trading days of the year. The average gain has been 1.3%. The “so what” factor here is simple and straightforward. Rising stock prices tend to make it difficult, if not impossible, for mortgage interest rates to gain noticeable traction toward lower levels.
Week Ahead
Factors: Tuesday brings Consumer confidence, Wednesday brings Pending Home Sales. Trading in the stock market will be main driver of rates.
Volatility: Moderate
Trend: Increasing
Today’s rate snapshot: 30-day lock rates as of 12/21/2015 9:00AM:
30-year Fixed (conforming): 4.00% (4.125%APR*) Same as last week
15-year fixed (conforming): 3.375% (3.5% APR*) Same as last week
7-year ARM (conforming) 3.50% (3.625% APR*) down .125% from last week
30-year Fixed (jumbo) 4.25% (4.375% APR**) up .125% from last week
*Based on 70% LTV, primary residence, rate and term refinance and purchase, 175k minimum loan size, 30-day lock. Rates subject to change at any time based on bond market pricing fluctuations. **Minimum loan size for a jumbo loan is $418,000. This information is intended for professional reference only, and not intended for consumer use. Additional qualifications and disclosures apply.
Have a great week!
Jim Krantz
Vice President
NMLS # 761955
Jim.Krantz@TraditionLLC.com
Direct 952.252.4488 / Cell 612.716.9999 / Fax 952.252.4489
Tradition Mortgage LLC
NMLS # 286998
4350 Baker Rd Suite 190 / Minnetonka, MN 55343 / www.TraditionWest.com
Guest Post – Tradition Mortgage’s Weekly Update December 23, 2015
Back to Reality, Fed Finally Pulls Trigger
After holding the federal funds rate near zero for seven years, the Fed announced on Wednesday a widely expected rate hike of 25 basis points. Regarding future policy, investors were slightly soothed to hear that Fed officials expect that economic conditions will warrant only “gradual” increases in rates. The statement also noted that the Fed does not expect to reduce its holdings of MBS and Treasuries any time soon. For the most part, current mortgage rates already reflected the anticipated bump, but there was some additional upward movement following the news.
The Fed’s dual mandate includes striving for maximum employment and stable prices. There is little disagreement that the labor market has been steadily improving, but inflation has remained below the Fed’s desired rate. Now that the first hike is done, bond and mortgage rates will be increasingly sensitive to the monthly inflation and wage reports. Any hints of increased inflation going forward will have an immediate impact on mortgage rates.
Factors: Core PCE price index, the Fed’s preferred inflation indicator, will come out on Wednesday. Mortgage markets often are more volatile than usual during the last two weeks of December due to lighter trading volumes.
Volatility: Moderate
Trend: Increasing
Today’s rate snapshot: 30-day lock rates as of 12/21/2015 9:00AM:
30-year Fixed (conforming): 4.00% (4.125%APR*) Same as last week
15-year fixed (conforming): 3.375% (3.5% APR*) up .125% from last week
7-year ARM (conforming) 3.625% (3.75% APR*) up .125% from last week
30-year Fixed (jumbo) 4.125% (4.25% APR**) up .125% from last week
*Based on 70% LTV, primary residence, rate and term refinance and purchase, 175k minimum loan size, 30-day lock. Rates subject to change at any time based on bond market pricing fluctuations. **Minimum loan size for a jumbo loan is $418,000. This information is intended for professional reference only, and not intended for consumer use. Additional qualifications and disclosures apply.
Have a great week!
Jim Krantz
Vice President
NMLS # 761955
Jim.Krantz@TraditionLLC.com
Direct 952.252.4488 / Cell 612.716.9999 / Fax 952.252.4489
Tradition Mortgage LLC
NMLS # 286998
4350 Baker Rd Suite 190 / Minnetonka, MN 55343 / www.TraditionWest.com
December 14th, 2015 – AFSCME Local 600 MCF-Stillwater Resolution
We appreciate AFSCME Local 600 MCF-Stillwater’s support. Thank you!
Whereas on November 15th, 2015, the Minneapolis Police Department’s 4th precinct was besieged by violent protest, and
Whereas protestors have hurled bricks, rocks, Molotov cocktails and defaced the precinct with vulgar graffiti while falsely claiming to be peaceful, and
Whereas protestors have made unreasonable demands in support of the late Jamar Clark, a convicted felon engaged in a violent crime,
Whereas our brothers & sisters in uniform have acted diligently to protect the right to free speech and assembly even under the most threatening conditions, and
Whereas officers in Minneapolis and Saint Paul have maintained order and civility in the face of irresponsible attacks from special interest groups, political figures, and media outlets, and
Whereas officers must make split-second decisions under extreme duress and do so according to their training and professionalism, and
Whereas justice can only be served after a fair and complete investigation and not according to the whim of mob rule, and
Whereas Local 600 believes in the virtue of public service, the right to due process and the integrity of those who don the uniform under the banner of public safety:
Therefore, be it resolved that AFSCME 600 stands in solidarity with our brothers and sisters of The Minneapolis Police Federation and The Saint Paul Police Federation.
Be it further resolved that AFSCME 600 wishes the victims of the November 15th attack full and speedy recoveries.
Be it finally resolved that AFSCME 600 will mobilize its members to support all of our brothers & sisters in uniform whenever and wherever the need should arise.
Dan R. Gorman
President, AFSCME Local 600
John C. Hillyard
President, AFSCME Corrections Policy
