MMG WEEKLY – WHAT ARE THEY SAYING THIS WEEK?

MMG Weekly / Vantage Production.blueForecast for the Week

After last week’s busy calendar, there are just two reports ahead this week.

  • The ISM Services Index kicks the week off on Monday.
  • The only other report is Thursday’s Weekly Initial Jobless Claims. Last week, claims fell to 326,000, the lowest level since January 2008.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond that home loan rates are based on.

When you see these Bond prices moving higher, it means home loan rates are improving — and when they are moving lower, home loan rates are getting worse.

To go one step further — a red “candle” means that MBS worsened during the day, while a green “candle” means MBS improved during the day. Depending on how dramatic the changes were on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.

As you can see in the chart below, Bonds rallied at the end of last week after the weaker-than-expected Jobs Report for July. I’ll continue to monitor all the news closely.

Chart: Fannie Mae 3.5% Mortgage Bond (Friday August 02, 2013)

Japanese Candlestick Chart

The Mortgage Market Guide View…

4 Keys to Making a Great First Impression

“You have just 7 seconds to make a good first impression.” Roger Ailes, CEO, FOX News

“You never get a second chance to make a good first impression.” Will Rogers

We know we’re not supposed to judge a book by its cover, but we just can’t help it. The root of the problem is that our brains are capable of making 1,001 estimations and calibrations at lightning speed. First impressions are just another timesaver.

According to a joint study by NYU, Tufts, and Harvard, people make 11 decisions about us in the first seven seconds of contact: education level, economic level, perceived creditability and believability, trustworthiness, level of sophistication, sexual identification, level of success, political background, religious background, ethnic background, and social and professional desirability.

If you happen to be on the receiving end of this process, there are a few things you can do to make a great first impression:

Honorable mentions. If you really think about it, meeting someone new really is quite an honor. After all, you never know what that relationship could turn into or how it might transform your life or business someday. Knowing that, it’s easy to treat other people with distinction.

What have you done for them lately? Playing the hard-sell networking card within a few minutes of meeting someone is a turn off. Instead, figure out what you can do for them. What they can do for you will naturally follow.

When you lose, you win. You may indeed be the best at everything, but you don’t need to show it. Compliment others, and be genuinely impressed by their achievements–be a little jealous even. The rewards of humility will be apparent quickly.

Network like a ninja. The artfulness of martial arts comes from using another person’s strength in your favor. It just so happens that getting people to talk about themselves in conversation works much the same way. As soon as you know something about someone, ask how they did it, or why they did it, or what they learned from it. Showing your respect and recognition will make you attractive.

Don’t forget to pass these helpful tips along to your clients and colleagues.

Economic Calendar for the Week of August 05 – August 09

Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Mon. August 05
10:00
ISM Services Index
Jul
NA
52.2
Moderate
Thu. August 08
08:30
Jobless Claims (Initial)
8/03
NA
NA
Moderate

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors.

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