Prospect Mortgage – Daily Rates – June 8th, 2009

Good morning!

MARKET UPDATE: With a lack of news and no new data to digest, the market is little changed from Friday’s close. Later this week we will see three treasury auctions totaling $65 billion. On Wednesday the Beige Book report is released, Thursday has retail sales, Initial Claims, and business inventories, and Friday the export and import prices and the Michigan Consumer Sentiment review. Since March stocks have been able to rally on “less worse than feared” economic data, but given Friday’s action it now seems that legitimately positive economic news is fully expected. Though this morning’s weakness looks to be widespread, financial firms are contending with what could become fairly considerable losses. The pressure on financial stocks comes ahead an announcement from the Fed that will identify which banks will be allowed to repay TARP funds. Meanwhile, the Treasury is expected to approve the capital raising plans of several banks.

Quotes of the Day, by Brian Tracy

An average person with average talent, ambition and education, can outstrip the most brilliant genius in our society, if that person has clear, focused goals.

You keep customers by delivering on your promises, fulfilling your commitments and continually investing in the quality of your relationships.

Only undertake what you can do in an excellent fashion. There are no prizes for average performance.

Conventional Rates Jumbo Loan to $1M – 70% LTV Max

15 Year Fixed		30 Year Fixed		30 Year Jumbo Fixed

4.875%	@ 2.0pts	5.5%	@ 2.0pts	6.375%	@ 2.0pts

5.125%	@ 1.0pts	5.75%	@ 1.0pts	6.875%	@ 1.0pts

5.375%	@ 0.0pts	6.125%	@ 0.0pts	7.125%	@ 1.0pts


FHA/VA 30 Year Fixed

5.625%	@ 2.0pts

5.875%	@ 1.0pts

6.25%	@ 0.0pts