Prospect Mortgage – Daily Rates – August 10th, 2009

Good morning!

MARKET UPDATE:  Ten-year yields surged 37 basis points last week, the most since March 2003, as better-than-estimated employment, home- sales and manufacturing data boosted confidence that the U.S. economy is recovering from its worst slump since the Great Depression.  This week has its fair share of economic news and treasury auctions to look forward to.  Tomorrow we have a few reports, Productivity and Wholesale Inventories, but no real market movers.  Wednesday brings us the Trade Balance and the Fed rate announcement, where they are expected to keep the rates steady but may give more indication as to future policy.  Thursday has the Initial Claims, Retail Sales and Import and Export Price reports.  And Friday we have the Consumer Price Index, Michigan Consumer Sentiment, and Industrial Production.  And then there are the auctions…  The U.S. will sell $37 billion of three-year notes tomorrow, $23 billion in 10-year securities the following day and $15 billion in 30-year bonds on Aug. 13

Quotes of the Day,

Persistence:

The power to hold on in spite of everything, the power to endure – this is the winner’s quality. Persistence is the ability to face defeat again and again without giving up -  to push on in the face of great difficulty, knowing that victory can be yours. Persistence means taking pains to overcome every obstacle, and to do what’s necessary to reach your goals.

Our aspirations are our possibilities.

       Robert Browning

All men who have achieved great things have been dreamers.

       Orison Swett Marden

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

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Prospect Mortgage – Largest Privately Held Mortgage Banker in the United States.