RATES PLUMMET TO NEW LOWS

June 25, 2010

Daily Mortgage Updates

Doug Katz Mortgage Broker 25 June 2010 – During my time in Colorado, I used to do a lot of skiing and, while it has been many years since strapping two boards to my feet and zipping down a hill, I felt the same sensation this week as rates plummeted to extreme lows. Starting the week generally flat, rates nosedived after very disappointing housing data. Additionally, the Federal Reserve communicated that they will keep rates at record lows for an extended period of time based on the belief that “financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad.”

HOUSING CREDIT EXTENSION STILL HANGS IN THE BALANCE

Rates aside, I did want to take a moment to address some misinformation about the Federal Homebuyer’s Tax Credit. This was a major engine of growth for home sales in prior months and it expires the end of the month. This program drove many buyers into the market, but the pressure is on to close these deals. While there has been talk about extending this credit and Congress is almost unanimously behind an extension, partisan bickering has prevented official approval of an extension. June 30th is the date and any information as to a September 30th date is purely speculative. Let’s hope they do the right thing in the next week or even bring this catalyst of growth back later in the year for another go.

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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 doug@chicagobancorp.com, on his own blogs, BankerDoug.com and Vet Money Matters. He's also on LinkedIn.

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