Marc's Mortgage Matter's

This morning the only news was Jobless Claims. New claims for unemployment benefits last week unexpectedly fell to their lowest level since mid-October, but the number of those remaining on jobless rolls rose to a 26-year high. Initial claims for state unemployment insurance benefits fell 24,000 to 467,000 last week, the Labor Department said, coming well below market expectations for 540,000. It was the lowest reading for initial claims since the week ending Oct. 11 last year, when the figure was at 463,000. Tomorrow, of course, we will see the government’s unemployment figures, which are expected down about 500,000

Rates are still great - most locks are happening at mid to lower 5's - many don't qualify but all in all we seem to have gotten a number of very tough 'n tight loans that seemed going nowhere, approved in the last week. Since we don't know what will happen next week so to say, I advocate locking in and if rates do go lower will renegotiate the rate before the loan closes.

I was explaining to my kids my investment strategy, why money can’t buy happiness, and some basic stock market definitions. Like the following:

BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no “fun”. 
BULL MARKET -- A random market movement causing an investor who mistakes himself for a financial genius.
CASH FLOW-- The movement your money makes as it disappears down the toilet.
FINANCIAL PLANNER -- A guy whose phone has been disconnected.
INSTITUTIONAL INVESTOR -- Former investor who's now locked up in a nuthouse.
MARKET CORRECTION -- The day after you buy stocks.
P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing.
PROFIT -- An ancient word no longer in use.
STOCK ANALYST -- Idiot who just downgraded your stock.
STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves.
VALUE INVESTING -- The art of buying low and selling lower.