This past week has been amazing as stocks have fallen which has pushed the Bond market higher than we've seen at anytime this year. The fallout over Greece's failure to meet its debt obligations and the falling EU, has made the US Bond Market a safe place for investors to store their money.
What does all this mean to the mortgage business and your ability to use this as an opportunity save thousands of dollars? I'll try to explain! If you currently have a 30 year fixed rate mortgage, and have a some equity in your home, you could take your loan rate down to 4.5% and save thousands of dollars over the life of the loan, plus increase your net cash flow by not paying as much for your monthly home investment. Another thing, you may have...say 22 years left on your current 30 year loan and would enjoy having the property paid for sooner, you could take out a 15 year loan at 4% or less, depsnding on the market, knock off seven years off your payment schedule, and save a ton of money in interest! If you want to have the numbers on your particular situation then visit my website, www.joeharris.com or send me an email. There is not cost or obligation, be happy to help.
Friday, May 21, 2010
Sunday, May 16, 2010
A Day Cooking Ribs
When my son, Justin decided to drive home from Nashivlle, he asked if we could fire up the Big Green Egg and cook some ribs. Seems he has never seen me cook ribs on the Egg, and wanted to have some fun watching how I managed to do ribs which in his opinion, are the best he's ever had.
Although the day was rainy, we rolled the Egg under the overhang so we and the big cooker wouldn't get soaked. Since the BGE uses those natural wood charcoal chunks, and the temperature inside the grill will be kept at 225 degrees, there won't be too much smoke pouring into the house with the grill being so close. When I do ribs, I like to purchase those St. Louis style ribs as they have great taste, plus there just seems to be more meat on the bone! I take that membrane off the back by sliding a kitchen knife under the thin membrane, then grabbing hold and it will pull off pretty easily. This is a big help in the way the ribs taste and keeps them more tender.
Once we get the membrane off, I pat them dry, rub some olive oil over them, then use a good sprinkling of Jacks's Old South rib rub. I sometimes make my own, but Jack's Rub is as good as any I'll ever make, plus all I have to do is grab the container and start shaking. I'm pretty liberal with the rub too, futhermore, once the rub is covering the ribs, I use my hands and massage the mixture into the meat, then wrap them tightly in plastic wrap, stack them one on top of the other, and into the fridge they go for at least three to four hours, but most preferably overnight.
About 30 minutes before the ribs are to go inside the BGE, I let them rest outside the fridge so the meat will warm, but not quite to room temp. This way when cooked, you will see a smoke ring just inside the meat. This is supposed to be a sign of well cooked ribs, at least according to the guys who do championship ribs. Ok...now we have the Egg at 225 and the ribs go on the rack, with the plate setter in place. A "Plate Setter" is a ceramic covering which covers the hot coals and prevents the ribs from searing or burning. A good way to cook indirectly, which is what you want to go "low and slow."
I have a spray bottle which is filled with a liquid of apple juice, white vinegar, worchestershire, and Tobasco. This is sprayed onto the ribs every 30 minutes, which keeps the ribs moist so they won't dry out. The ribs are cooked about six hours, maintaining the 225 degree heat. During the last 30 minutes, I swab the meat with a bar bq sauce, then stack them one of top of the other, then rotate them about every seven or eight minutes so the sauce will carmalize. Once time is up, the ribs are taken out to let them rest about 15 minutes then the fun begins. I promise, you do ribs this way and you will love not only doing it (the cooking), but eating them will be an amazing, delicious, fun filled dinner!
Although the day was rainy, we rolled the Egg under the overhang so we and the big cooker wouldn't get soaked. Since the BGE uses those natural wood charcoal chunks, and the temperature inside the grill will be kept at 225 degrees, there won't be too much smoke pouring into the house with the grill being so close. When I do ribs, I like to purchase those St. Louis style ribs as they have great taste, plus there just seems to be more meat on the bone! I take that membrane off the back by sliding a kitchen knife under the thin membrane, then grabbing hold and it will pull off pretty easily. This is a big help in the way the ribs taste and keeps them more tender.
Once we get the membrane off, I pat them dry, rub some olive oil over them, then use a good sprinkling of Jacks's Old South rib rub. I sometimes make my own, but Jack's Rub is as good as any I'll ever make, plus all I have to do is grab the container and start shaking. I'm pretty liberal with the rub too, futhermore, once the rub is covering the ribs, I use my hands and massage the mixture into the meat, then wrap them tightly in plastic wrap, stack them one on top of the other, and into the fridge they go for at least three to four hours, but most preferably overnight.
About 30 minutes before the ribs are to go inside the BGE, I let them rest outside the fridge so the meat will warm, but not quite to room temp. This way when cooked, you will see a smoke ring just inside the meat. This is supposed to be a sign of well cooked ribs, at least according to the guys who do championship ribs. Ok...now we have the Egg at 225 and the ribs go on the rack, with the plate setter in place. A "Plate Setter" is a ceramic covering which covers the hot coals and prevents the ribs from searing or burning. A good way to cook indirectly, which is what you want to go "low and slow."
I have a spray bottle which is filled with a liquid of apple juice, white vinegar, worchestershire, and Tobasco. This is sprayed onto the ribs every 30 minutes, which keeps the ribs moist so they won't dry out. The ribs are cooked about six hours, maintaining the 225 degree heat. During the last 30 minutes, I swab the meat with a bar bq sauce, then stack them one of top of the other, then rotate them about every seven or eight minutes so the sauce will carmalize. Once time is up, the ribs are taken out to let them rest about 15 minutes then the fun begins. I promise, you do ribs this way and you will love not only doing it (the cooking), but eating them will be an amazing, delicious, fun filled dinner!
Thursday, May 6, 2010
Mortgage Bonds Continue Rally
The latest push for bonds moving higher has been fueled by a Stock market selloff where investors are parking the sale proceeds into Bond instruments. Additionally, the US is being viewed as a safer place to invest than Europe, which is evidenced by the Euro hitting a 14 month low agaist the Dollar. Much of this European discontent comes from the situation in which Greece finds itself. With riots and now deaths grabbing the headlines, as Greek workers do not want to accept some of the cutbacks needed to help Greece get on firmer economic footing, which is a conditional reuirement for the ECB and IMF's bailout, it is no wonder the US is becoming a safe place to park dollars.
The jobless claims were announced today, which were reported at 444,000, a touch above the expected 440,000. Continuing Claims, or individuals receiving unemployment benefits lasting up to 26 weeks, fell by 59,000 to 4.6M. Here is the kicker though, as those who have maxed out their Continuing Claims benefits can claim emergency benefits, which can extend them to a total of 99 weeks of benefits! Do you realize that is one year and nine months being able to get paid buy us tax payers for not working! I'm not trying to be hard here, but in my humble opinion, a person can get a job and will find work if he/she is not being paid to not work!
The jobless claims were announced today, which were reported at 444,000, a touch above the expected 440,000. Continuing Claims, or individuals receiving unemployment benefits lasting up to 26 weeks, fell by 59,000 to 4.6M. Here is the kicker though, as those who have maxed out their Continuing Claims benefits can claim emergency benefits, which can extend them to a total of 99 weeks of benefits! Do you realize that is one year and nine months being able to get paid buy us tax payers for not working! I'm not trying to be hard here, but in my humble opinion, a person can get a job and will find work if he/she is not being paid to not work!
Wednesday, May 5, 2010
More on today's market on Cinco De Mayo
Mortgage Bonds are trading higher so far today, but off their best levels. The bond market continues to attract investment dollars as a safe haven from the ongoing - and increasing uncertainty of the situation in Greece.
Today, over 40,000 Greeks are rioting in the streets, engaging in violent protests against the Greek Government's proposed austerity measures. This has spooked the Stock market, and is helping Bonds move higher. Further - another troubling headline is coming from the Eurozone today, as Portugal is apparently facing another potential downgrade on their debt - prompting investors to move even further into the safe haven of Bonds.
Market volatility has been sharply higher of late, and the VIX volatility index -which measures volatility in the Stock market - has risen very sharply over the last four trading sessions. The VIX is a widely used measure of market risk, and is oftern referred to as the "investor fear guage."
While Bonds are higher-they are near their resistance levels marked by the highs seen back n February and March. Additionally, Bonds are now in an overbought state, making them ripe for a reversal lower.
If you are obtaing a loan on a mortgage, now just might be the best time in two or three months to "lock" your loan until closing!
Today, over 40,000 Greeks are rioting in the streets, engaging in violent protests against the Greek Government's proposed austerity measures. This has spooked the Stock market, and is helping Bonds move higher. Further - another troubling headline is coming from the Eurozone today, as Portugal is apparently facing another potential downgrade on their debt - prompting investors to move even further into the safe haven of Bonds.
Market volatility has been sharply higher of late, and the VIX volatility index -which measures volatility in the Stock market - has risen very sharply over the last four trading sessions. The VIX is a widely used measure of market risk, and is oftern referred to as the "investor fear guage."
While Bonds are higher-they are near their resistance levels marked by the highs seen back n February and March. Additionally, Bonds are now in an overbought state, making them ripe for a reversal lower.
If you are obtaing a loan on a mortgage, now just might be the best time in two or three months to "lock" your loan until closing!
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