Tis the season

With the year coming to a close, I would like to wish everyone a happy holiday season. This has been a year of many ups and downs in the mortgage industry but we have ended on a lot of positive notes—existing house sales have gone up 5.5% in November, rates have been at their lowest levels in recent memory, and consumer confidence in the market has been on the rise.  Leading economists see 2011 as being a year of further recovery and growth, with low interest rates continuing.  The IMF forecast for 2011 shows promise for investment and financial markets in the year to come, as indicated in the passage below…

The U.S. economy is recovering, thanks to unprecedented macroeconomic policy stimulus, emergency financial stabilization measures, and a modest cyclical upswing…The economy grew at an annualized rate of 1.7 percent in the three months to June, a slower pace than the 3.7 percent growth rate posted in the first quarter…On the upside, it is possible that business fixed investment could rebound faster from still-depressed levels…

…Monetary policy should remain accommodative because of muted inflation, subpar growth, and lingering financial strain. The Fed has maintained the policy rate at a record low while signaling that conditions are likely to warrant keeping the rate at exceptionally low levels for an extended period. In light of larger downside risks, the Fed’s recent decision to resume its purchases of government securities (using resources from maturing government-sponsored-enterprise debt and mortgage-backed securities in its portfolio) is appropriate. In the event that such risks materialize, policy responses could include a strengthened commitment to maintaining the ultra-low policy rate for an extended period, expanding asset purchases, and re- launching facilities to aid stressed markets.”

 

–        From the most recent IMF report “World Economic Outlook: Recovery, Risk, and Rebalancing,” pages 68-70

 

We are in for a great year and everyone at Millennium Mortgage is looking forward to assisting with your mortgage needs and building solid relationships through exceptional personal and professional services, and a dedication to your success.

I wish everyone my best and look forward to the year to come.

Sincerely,

Brent Platt
Founder/CEO of Millennium Mortgage Company