Hurricane Ike At Perdido Key
Hurricane Ike made landfall about 400 miles away from Perdido Key, but you can clearly see the power of a huricane when the affects are so promounced this far away.
Pensacola Mortgage Solutions
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Internet Explorer Security Alert
There was news out this morning that a security breach in Microsoft’s Internet Explorer can lead to vulnerability to hackers that can access private information such as passwords and banking information. The funny part to me was the answer to the problem was to “avoid using internet explorer until a security patch is released”.
Days like this are exactly why I use Firefox instead of Internet Explorer. Aside from the fact that I am over the Goliath Monopoly that is Microsoft, Firefox is simply a superior product. In my case (I can not speak for all users) it is faster, far more secure, and has all of the familiar usability that you may be used to with Explorer.
You can download Firefox here for free.
Today is FED day. What Will Rates Do?
Today at 2:15 EST the FED will release the decision from its December meeting. A drop in the Federal Funds Rate from 1% to .50% is expected, but they could drop it to .25%. As you continue to see news about this historic rate drop, it is important to remember that the Federal Funds Rate and Mortgage Rates are not directly tied to each other. In fact, the immediate response for mortgage rates is often negative after a rate drop from the FED.
At the time of this post, mortgage bonds are trading slightly higher, but relatively flat. This is likely being held in check by the FED decision due out this afternoon. Based on economic news out today, mortgage bonds would normally be trading sharply higher.
Consumer prices fell by the highest number on record, and it is the second month in a row that they have fallen significantly. Housing starts are down by the lowest level since recording of the informatiion began in 1959.
All this information is the equivalent of shaking up a champaign bottle, and the results of the FED meeting is the cork. Brace yourself for volililty in the market this afternoon. If you have a mortgage loan in process, be prepared to lock your rate if things heat up.
