Phil Grossfield's Blog

Star Trek – Into Darkness

Despite my striking good looks and my keen street sense, I am a self-proclaimed geek. Yes, I like a good spreadsheet, the innards of a computer, The Big Bank Theory, and most of all science fiction. No geek would be complete (yes, I’m aware that rhymes) without an obsession for Star Trek. In fact I should be called a Trekkor, not a Trekkie…that’s just offensive. With the exception of Deep Space 9 and Babylon 5, I’ve seen every episode of Star Trek, TV or movie.

As long as I mentioned it, Deep Space 9 and Babylon 5 sucked…they sucked real bad. I might also add that having seen every single original Star Trek series movie, the first one directed by J.J. Abrams was in my opinion the best. In fact my wife, who has no problem mocking me for my love of the stories, actually enjoyed the first J.J. Abrams Star Trek movie. I’m pretty sure she’d leave me for a chance to be with Chris Pine who plays Captain Kirk. No, I take that back…I’m positive she would.

Now, before I tell you my opinion of Into Darkness, please understand I have no problem complaining about some of the movies. For example the first movie in 1979 was horrible on just about every level imaginable. But Into Darkness was not disappointing. Go see it, even if you’re not a Star Trek fan you’ll love it. But I recommend you rent the first J.J. Abrams Star Trek movie with this same cast…it’s a fantastic movie. Okay, I’m done.

Last Night’s Game: no comment.

My Market Watch: Bonds Up Early But Now Falling – Pricing Same After Yesterday’s Reprice…For Now… The 30-year bond was up early and is now falling. It was up as much as 20bps but now it’s par so it lost it’s momentum. I’m not sure whether Capital Markets priced in the gain to this morning’s rates or if they are playing conservative so predicting a reprice is difficult so early in the day. But with the bond selling odd and after a good reprice yesterday I think this is a good time to lock it up.

7/1 ARM STRONG REBATES. Interbank’s strong 7/1 Arm has impressive rebates whereas many lenders have none. This is a product you should be discussing with your borrowers, particularly if you quoted a lower rate that is no longer available.

A 7/1 Arm is fixed for 7 years and then becomes adjustable. When rates go up this is a good alternative because of the low rates. In addition, the borrower qualifies on the Note rate, not on the Note rate + 2.000 like the 5/1 Arm. Let me know if you have questions….