September 12th, 2013 9:27 AM by Eric Fang
First, I think the mortgage rate will go lower after the next Fed meeting. If the QE taping is only 10B or 15B less, the market will react very positively on the news, and the rate should be better.
BOFA, Wells Fargo, Chase, Citi are all layingoff mortgage originators, underwriters, allaroudn 2k or 3k-ish. And a friend from the escrow/title company said that they were layingoff some employees as well. This is the industrytrend.
What puzzles the industry the most is: why the 1%interest hike kills the industry? The refi businesswas gone, purchase business slowing down. Maybe it is because of the job market is not good enoughand there is no robust economy recovery. Let's waitand see.
California will rase the minimum wage from $8 per hour to $10. We will see some pay increase for some other people. In the past a few years, we didsee the trend of "inflation" on the food and energy,though Fed kept saying no inflation yet.
It's my first day to get up at 5:30am for a morningtraining with a group of runners, all ran faster thanI do. Hopefully it will help me to become one of theearly birds. I completed 7.5 miles with a pace of 8:17.