Mortgage Rates Slip on Cheap Oil

Mortgage rates are affected by many different market forces. Often it is economic data and its impact on the outlook for inflation. This past week, the biggest influence on mortgage rates came from the drop in the price of oil and its effects on the stock market. Stocks declined, and mortgage rates end the week slightly lower. The price of oil declined during the week to the lowest level in seven years. This is great for consumers, but has mixed effects on financial markets. The drop weighed heavily on energy stocks and concerns spread throughout the broader stock market. Investors sold stocks and bought safer investments like government-backed mortgage-backed securities (MBS). The added demand for MBS pushed mortgage rates lower.

With more cash in their pockets from lower gas prices, consumer spending in other areas showed solid improvement in November after three previous disappointing months. Consumer spending accounts for about 70% of economic output in the U.S., and the retail sales data is a key indicator.

Week Ahead: Factors: The highly anticipated Fed meeting will take place on Wednesday. If the Fed raises the federal funds rate as widely expected, investors will be looking for guidance about the pace of future rate hikes. Before that, the consumer price index (CPI), the most closely watched monthly inflation report, will come out on Tuesday.

Volatility:        Moderate
Trend:              Increasing

Today’s rate snapshot: 30-day lock rates as of 11/02/2015 8:50AM:
30-year Fixed (conforming):      4.00% (4.125%APR*) Same as last week
15-year fixed (conforming):       3.25% (3.375% APR*) Same as last week
7-year ARM (conforming)          3.50% (3.49% APR*) Down .125% from last week
30-year Fixed (jumbo)               4.00% (4.125% APR**) Same as 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

APPLY NOW

December 3, 2015 John Hines Show “President Kroll discusses the shutdown of the Black Lives Matter protesters at the 4th Precinct

Clip starts at 10:40 – Listen Here: https://minnesota.cbslocal.com/audio/the-john-hines-show/

It was bad enough when the Service Employees International Union (SEIU) and AFSCME Local 3800 (University of MN employees) felt the need to publicly proclaim their support for the occupation of the 4th Pct. by protestors.  Recently, the Minnesota Nurses Association (MNA) threw fuel on the proverbial bonfire by adding their support for the protestors citing certain allegations masquerading as “facts” that the MNA President described as “intolerable and shameful.”  

Labor Unions serve a critical role in advancing the interests of their members collectively and individually.  Their strength lies in unity – internally among members and in solidarity with other unions.  A Union’s obligation to its members often puts it in the unpopular role of defending members against false allegations and fighting to protect members’ due process rights.  Given that this essential function is common to all labor unions – regardless of the jobs performed by their members – the Police Officers Federation of Minneapolis finds it “intolerable and shameful” that union leaders, who should know better by virtue of representing public service workers, would  repudiate these basic tenants of union representation and, instead, join in the false and inflammatory attacks against those workers who have chosen to serve the public in the profession of law enforcement.   

There is no harm for a Union to express concern over matters outside the scope of the working conditions of its members.  Unions have, from time to time, been agents of social change.  However, their voice is credible and relevant only when adequately informed on the issue at hand.  The statement from the MNA President demonstrates an appalling ignorance and/or deliberate indifference to the facts and circumstances surrounding the occupation of the 4th Pct.  For example, the MNA calls on the City of Minneapolis to “swiftly conclude the investigation” which is pretty much impossible since the City leaders had already caved to the protestors’ demands and farmed out the investigation to State and Federal agencies thereby relinquishing all control over the process.   Further, the repeated references in the MNA statement to the “peaceful demonstration” are also naïve and false, unless one calls the ongoing barrage of epithets, threats, rocks, spray paint and Molotov cocktails “peaceful” forms of expression.   Worse, despite serving as a representative of workers in the medical profession, the MNA calls for justice for Clark and his family while offering not one word of concern for the female abuse victim who lay injured in the back of the ambulance or for the safety and working conditions of the paramedics who, while attempting to provide care to the victim, felt threatened to the point of feeling it necessary to call 911 for police assistance. 

If the leaders of the MNA, SEIU or AFSCME had concerns about the Clark incident and/or the issues raised by the protestors, they could have reached out to their union brothers and sisters in the Federation or others in law enforcement who could have advised them as to the facts of the case and would have engaged with them in a meaningful discussion of possible responses to legitimate concerns.  However, they chose instead to publicly jump on the bandwagon of misinformed hatemongering that smacks of the same tactics that union members have come to expect from the right-wing demagogues who despise unions and public employees.       

Abe Lincoln once said “it is better to be thought a fool than open your mouth and remove all doubt.”  Unless and until the leaders of unions have a thorough understanding of actual facts and are willing to work collaboratively toward meaningful solutions to legitimate problems facing workers in professions other than the ones they represent, they would best serve themselves, their members and the labor movement by keeping their mouths shut.

November 20, 2015 – TPT Almanac

– President Kroll was invited as a guest to comment on the Jamar Clark Shooting. Click Here to listen.

November 20, 2015 – WCCO 830 John Williams Show:

President Kroll was a guest to comment on the Jamar Clark Shooting and the Chief and Mayor’s Handling of the Protesters
Listen to the Podcast Navigate to the segment “11-20-15 John Williams Show 3pm: Rep. Emmer & Minneapolis Unrest”

November 19, 2015 President Kroll was a guest on the Chad Hartman Show discussing the recent events on the City’s Northside. Click on the podcast to listen to the interview.

https://minnesota.cbslocal.com/audio/the-chad-hartman-show/

November 17, 2015

President Kroll was on the KQRS Morning Show this morning to discuss the recent event on the City’s Northside. He is on Part 2 at the 36:30 – 44:30 timeframe. To listen to the whole discussion of the event, start at the 32:47 time frame.

https://www.92kqrs.com/podcast/

The Police Officers Federation of Minneapolis is joining other law enforcement agencies in the boycott of all of Quentin Tarantino movies due to his irresponsible remarks and stereotyping of law enforcement personnel. We ask that our supporters boycott all of his productions.

https://nypost.com/2015/10/25/police-union-calls-for-tarantino-boycott-after-anti-cop-rally/