EU Plan To Rescue Greece Puts a Dent in Amazing Rates

May 14, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker 14 May 2010 –There was a mixed bag of news for mortgage interest rates this week as the dust settled on the craziness of last week. Equities did rise on word that the European Union had devised a plan to stave off the financial collapse of Greece, Portugal, Spain and Italy. This put a dent in the amazing rates that we saw last week, but all good things must come to an end. Other market events were minor, with a Treasury auction of 10-year Notes on the 12th having virtually no impact on the market. The good news for buyers is that there are still good mortgage rates to be had if you are considering a lock.

Since you cannot decouple the housing market from lending, I do want to take a moment to highlight today’s foreclosure report and the mixed signal that it sent. According to RealtyTrac, The National statistics for home foreclosures dropped by 2% bringing them to the lowest point in 2010. The scary thing behind the numbers, however, is that many of the new foreclosures were on more affluent households. Most experts are pointing to a long period of high unemployment numbers as the chief culprit. Since unemployment numbers are starting to improve, we can only hope that a drop in foreclosures will follow suit.

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About Doug Katz

As the Senior Mortgage Banker and Sales Manager for Chicago Bancorp, Doug not only originates loans for his personal business, but also oversees affiliations with banks and other financial institutions that depend on Chicago Bancorp to meet their client’s lending needs. In this role, Doug directs the day-to-day mortgage sales operations of over 25 branches in a multitude of Chicagoland’s diverse communities. He brings to these relationships a wealth of industry experience and a dedication to an exceptional client experience that has established Chicago Bancorp as Chicago’s pre-eminent mortgage solution providers. Prior to joining Chicago Bancorp, Doug attended and graduated from West Point. Upon graduation, he was commissioned as an officer in the United States Army Artillery, where served 5 years in numerous roles and in various deployments include service in Kuwait. In addition to his Bachelor’s Degree from West Point, Doug holds an M.B.A. from Loyola University Chicago, where he was also inducted into the Beta Gamma Sigma Honor Society. He also served as President for the West Point Society of Chicago from 2003 to 2005 and still serves on the Board of Directors. When not working, he spends his time with his wife and three children in their hometown of Oak Park, as well as pursuing his passions for fitness, cooking and the banjo. Doug can be reached by phone at 312.738.6079, by email at, on his own blogs, and Vet Money Matters. He's also on LinkedIn.

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