Phil Grossfield's Blog


She Was Beautiful

She Was Beautiful.   My friend Chris died this weekend after a long battle with Cancer…she was full of life until Cancer stole it from her…too young. She was strong, brave and beautiful.

I am sad for me…I lost my beautiful hyper-intelligent friend…I miss her. But I am abundantly more sad for them…he lost his wife, and they lost their Mom.

I’ve been very emotional this past week, not something I’m accustomed to feeling. I’ve had moments of happiness, like when I played restaurant yesterday morning with the kids. But these moments were overshadowed by feelings of being sad, angry, and even guilty. It’s that last one I struggle with the most. We went to their home to pay our respects and as I watched the two boys grieving their mother’s death, I thought of my Mom and that I should spend more time with her. Guilt is an unhealthy but perhaps a useful emotion sometimes.

momThat’s my Mom in the picture to the right. My Mom is strong, brave and beautiful. I spoke to her yesterday and wished her a happy birthday…I was emotional I suppose for obvious reasons. She lives in Minneapolis so I don’t get to see her as often as I’d like.

Although we Skype regularly it isn’t enough and it isn’t the same. But we make our feelings known to each other and that is a something that gives me comfort. Mom, I love and adore you. You are my hero in so many ways. HAPPY BIRTHDAY MOM!

My Schedule:  I have an appointment at 11a today so will be unavailable for a couple of hours. Otherwise available……..

My Market Watch:   Bonds Flat – Rates Same.  The 30-year Fannie Mae bond usually has a direct correlation with rates/pricing. Today it’s trading flat so far, I suppose in anticipation of the week’s full schedule of economic reports and Fed talk. Today and tomorrow we have housing data, Wednesday is the GDP report and we have several employment reports mixed in for good measure. The jobs report on Friday is the one I am most focused on.

The bond is trading on some delicate moving averages, which help traders determine whether to buy or sell bonds. But traders will be focused on all the reports and activity this week to try and calculate whether the economy will perform well or poor over the next 30 days. If they interpret the reports to mean a healthy economy, then they will invest in stocks and likely pull money out of bonds to do it. If that happens, rates/pricing will worsen. On the other hand, if they feel the reports and activity mean the economy will struggle, then typically traders will sell off stocks and instead invest those dollars in bonds. If that happens, rates/pricing will improve.

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

distinguish_yourselfDistinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….

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