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  Please call for commercial, Count on Cohen Financial Group for all of your real estate lending needs:
Mark Cohen was once again recognized as California's #1 Individual Mortgage Originator, according to Mortgage Originator Magazine (April 2008). Mark has now received this honor 11 of the last 12 years.
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Mortgage Market Update for Oct. 6 - Oct. 10, 2008 View Current Rates
It was another rough week for the markets as the effects of the credit crunch continued to plague the economy. Despite a sharp drop in government bond rates which one would believe would be positive for mortgages, the opposite result is occurring. Rates for mortgages are at historically high spreads in relation to where they have been traditionally priced. Rates could be one full point lower and banks still would be extremely profitable. However the problem is the continued fear that despite the $700 Billion bailout by the Government, this still would not be enough to provide banks with he needed liquidity to pump money into the lending sector. It also appears that the credit problems are
leading to liquidity issues in the credit card markets, borrowing
amongst banks, commodity prices and corporate borrowing. Needless
to say, the ramifications are affecting the world’s economies
as there are problems with the banking systems in Europe and there
are fears that this could be spread to Asia and beyond. I believe
that rates must be lowered on a worldwide basis to help provide
liquidity as most other measures have not worked. As far as this
week is concerned, I have detailed below the economic reports
that are scheduled to be released. Conforming and Non-Conforming Rates
Economic News Due Out This WeekMonday – The Presidents of the Chicago Fed Banks discuss the economy. Any comments from Fed officials are closely monitored. Tuesday – Fed Chairman Bernanke speaks to the National Association for Business Economics annual meeting. Tuesday – The Fed Issues Minutes of its September meeting. The markets will watch the Fed’s perception of the economy. Wednesday – Pending Home Sales for August are released. This is an important number for the markets. The Housing market is perceived as causing the current economic problems. Can it lead us out? Thursday – Major Retailer’s Report Chain Store Sales for September. Expect a weaker number. Thursday – The Bank of England may cut interest rates by as much as half a point. This would help the credit markets. As usual, the prices of all commodities (oil,
silver, copper, etc.) as well as movements in the stock and currency
markets will continue to have an impact on the market.
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