The most frequently asked question when someone is looking for a mortgage typically boils down to "what is your lowest mortgage rate", "what are your mortgage rates" or something similar. The immediate problem with this approach is that each mortgage rate quote is different, if done properly with adequate information from the Borrower, because each Borrower's situation is unique.
The advertised lowball or "sweetheart deals" are just that, and most Borrowers are not a fit for that perfect scenario.
As a Borrower, you should always formally apply so the Lender has enough information to give you a personalized quote specific to your situation and requirements.
Getting a Custom Mortgage Rate Quote
Below is a punchlist of some of the questions that must be answered to get an accurate mortgage rate quote, and why you should never accept a quick answer to your mortgage rate if you haven't answered most of these.
Your answers to these, especially your credit score, could raise your mortgage rate as much as 2 full percentage points above the "perfect scenario".
Have you been quoted a rate without answering any of those questions? How accurate could that quote be ?
Mortgage Rates Change Multiple Times Throughout The Day
Here is the real problem. If you are really trying to call around to each bank or mortgage company (or even a couple), time is not on your side. To get accurate, competing mortgage rate quotes, you would have to compare each one of them at the same time, with the same information. If you find a ‘better rate’ with a certain lender, that rate’s only good until the next rate sheet. For reference, mortgage rates changed every four hours last month.
Just remember, make sure that you're getting the full picture when getting a rate quote. If you hear a figure before you answer any questions, don't assume it's accurate. As an informed consumer, ask questions and get answers.
Interest rates on long-term lending are based largely on the rates paid by the U.S. Treasury when it auctions off new paper to fund budget shortfalls.
Because Treasuries are considered the gold standard of safety, turning over your money to other lenders is considered riskier — so the interest rates you get are a little bit higher.
When an investor with money to lend in the capital markets (the capital market players we referred to in the preceding post 'Interest Rate Basics 101) get nervous, they demand an even higher interest rate to make up for the risk that they won’t get paid back.
During the easy-money days of the housing boom, the capital market players showered cash at mortgage loans and asked relatively little extra “risk premium” in return. The feeling was that housing prices would continue to rise forever, and investing in mortgages – which paid higher returns than “super safe” Treasuries — was a no-brainer. Or so it seemed at the time.
Now that home prices are falling, that risk premium — the “spread” between the higher rate on mortgage loans and the benchmark rate on Treasuries — has widened.
As long as that’s the case, the Fed could cut short-term rates to zero, and it wouldn’t cut the cost of long-term mortgage rates.
I get tired of listening to and reading advertisements about how the Fed has just dropped the prime rate, and how you should immediately run out and get a mortgage or refinance because mortgage rates have dropped.
There is no direct correlation between the two events.
There are basically two mechanisms for setting mortgage interest rates.
Part of the picture, but not all of it, the Fed can target the interest rate paid by U.S. banks for overnight loans among themselves. But using short-term loans to back long-term mortgages can be risky.
If a Mortgage Lender, say National Bank, takes out a short-term loan of $200,000 from the Fed and lends it to Jane HomeBuyer for 30 years, it still has to come up with $200,000 right away to pay it back. It could do so with another short-term loan, but then it has to keep doing this over and over, indefinitely “rolling it over.” If, during this process, short term rates go up, the bank loses money.
The other part of the interest rate picture is when the Mortgage Lender making long-term loans, turns to the capital markets for compensating long-term loans to avoid having to constantly rollover short term loans.
The capital markets are a global network of banks, corporations, institutions, pension funds, governments and individual investors who buy and sell money.
When these capital market players lend money for the long term, they agree to get paid back in installments, plus an interest rate that’s usually fixed for the life of the loan.
As long as the rate the Mortgage Lender agrees to pay the capital market players is lower that the rate it charges its customer, the Lender makes money.
And if the rate is higher than what its customers would bear, the Lender would lose money, and no Lender would logically make a long-term mortgage loan in that climate.
I'm revisiting an old subject, because I've developed a question that's unanswered as yet : In the current declining home value market can the PMI requirement kick back in ? Say in the case of a "upside" mortgage where the house is worth less than the mortgage balance ?
Stay tuned in ...
Cancelling Mortgage Insurance is a very complicated issue, affected by factors such as:
Mortgage insurance will not be required from your lender once you have paid down the principal balance below 80% of the original sales price or appraised value. Lenders usually require you to be at 78% of the original value and the MI or PMI will automatically be dropped.
Typically the lender will allow the PMI to be released after 12 months and a new appraisal from one of their chosen appraisers if it shows sufficient equity.
You can also find lenders who do not require Private Mortgage Insurance. Many lenders also offer their financing in '2' loans . One 80 percent of the loan, and the remaining 20 as another to avoid paying Private Mortgage Insurance.
Federal law forces most lenders to automatically cancel PMI when a homeowner pays down their mortgage balance to at least 78 percent of the home's original purchase price. Home owners also may apply to have the insurance removed when the mortgage balance is paid down to 80 percent of the original value. In many cases the homeowner is required to pay for a new appraisal.
A No PMI loan may also be obtained to do away with any PMI on your existing loan. Ask your mortgage professional about refinancing today!
PMI, which protects the lender if a home isn’t repaid, was required when you obtained your loan because your loan-to-value ratio (ltv) at the time was greater than 80 percent. When your loan has reached an LTV of 80 percent of less, you may be eligible to cancel your PMI, which would reduce your total monthly home loan payment and save you money.If you currently pay private mortgage insurance premiums, you may have the right under federal law to cancel the insurance and stop paying premiums. This would reduce your total monthly payment.You may have the right to cancel private mortgage insurance if the principal balance of your loan is 80 percent or less of the current market value of your home. Under Minnesota law, the value of your property can be determined by a professional appraisal. You need to pay for this appraisal, but in most cases you will be able to recover this cost in less than a year if your mortgage insurance is canceled.The following notice is provided in keeping with the Homeowners Protection Act of 1998.If your loan was for a single family home that is your principal residence, was funded on or after July 29, 1999, and you meet certain conditions, you have the right to cancel your PMI when either the principal balance of your loan is first scheduled to reach 80 percent of he original value of your home, or based on actual payments, first reached 80 percent of the original value.If not previously cancelled, the PMI on your loan will be terminated when the principal balance of your loan is first scheduled to reach 78 percent of the original value of your home, if your loan payments are current. If your payments aren’t current on that date, the PMI will terminate when your loan payments become current.The definition of “original value” is the lesser of the purchase price or appraised value for which your home was owned by you for less than one year; for all other loans, the original value is based on the appraised value of your home.If your loan was funded before July 29, 1999, you may, under certain circumstances, be able to cancel the PMI on you loan with the agreement of you lender or in keeping with applicable state law.No matter when your loan was funded, the cancellation of PMI is subject to conditions.
You must contact your lender to find out what their guidelines are exactly in regards to trying to get your mortgage insurance dropped. Different lenders have different policies on how this is handled. Your personal mortgage profesional, mortgage broker, may be able to help you find the necessary information out. Please consult him/her first to see what they can do for you.
Private Mortgage Insurance premiums are costly. The higher the Loan-to-Value ratio, the more PMI costs. PMI costs cannot be deducted for tax purposes. Although PMI has helped many homeonwers to buy homes they otherwise would not be able to get into, it should always be eliminated as soon as possible either by paying down the loan balance or, if the property has appreciated in value, by way of an appraisal.
Paying PMI initially, can actually get you a lower rate, because of the fact that there is insurance on the loan. Getting an 80/20 loan will most likely have a lower payment to start, but when PMI is removed, it is possible the 80/20 loan will have a higher blended rate.
» DISCLAIMER: The information contained in this article on 'Can I cancel my Mortgage Insurance (MI)?' is a collection of contributions by licensed mortgage professionals and is not intended as advice or opinion to readers of this website. Always consult a licensed professional before applying for a mortgage.
AMT exemptions rise; several expiring deductions and credits get a new lease on life; a new standard property tax deduction and a special first-time homebuyer credit are available to some homeowners; and retirement savings incentives expand. These are among the changes taxpayers will find when they fill out their 2008 tax returns. More information about these and other changes, summarized below, can be found on IRS.gov and in various IRS documents, including the Instructions for Form 1040.
Economic Stimulus Payments Tax Free
Economic stimulus payments are not taxable, and they are not reported on 2008 tax returns. However, the stimulus payment does affect whether a taxpayer can claim the Recovery Rebate Credit and how much credit he or she can get. The credit is figured like last year's economic stimulus payment except that the amounts are based on tax year 2008 instead of 2007. A taxpayer may qualify for the Recovery Rebate Credit if, for example, she did not get an economic-stimulus payment or had a child in 2008. See Fact Sheet 2009-3 for details. In most cases, the IRS can figure the credit. The instructions for Forms 1040, 1040A and 1040EZ have more information.
AMT Exemption Increased for One Year
For tax-year 2008, Congress raised the alternative minimum tax exemption to the following levels:
Under current law, these exemption amounts will drop to $45,000, $22,500 and $33,750, respectively, in 2009. Form 6251 and the AMT Calculator provide more information.
Expiring Tax Breaks Renewed
Several popular tax breaks that expired at the end of 2007 were renewed for tax-years 2008 and 2009. As a result, eligible taxpayers can claim:
In addition, the residential energy-efficient property credit is extended through 2016. In general, solar electric, solar water heating and fuel cell property qualify for this credit. Starting in 2008, small wind energy and geothermal heat pump property also qualify. Use Form 5695 to claim the credit.
The non-business energy property credit for insulation, exterior windows, exterior doors, furnaces, water heaters and other energy-saving improvements to a main home is not available in 2008 but will return in 2009.
Standard Deduction Increased for Most Taxpayers
Nearly two out of three taxpayers choose to take the standard deduction rather than itemizing deductions such as mortgage interest and charitable contributions. The basic standard deduction is:
Higher amounts apply to blind people and senior citizens. The standard deduction is often reduced for a taxpayer who qualifies as someone else’s dependent.
New this year, taxpayers can claim an additional standard deduction, based on the state or local real-estate taxes paid in 2008. Taxes paid on foreign or business property do not count. The maximum deduction is $500, or $1,000 for joint filers.
Also new for 2008, a taxpayer can increase his standard deduction by the net disaster losses suffered from a federally declared disaster. A worksheet is available in the instructions for Forms 1040 and 1040A.
First-Time Homebuyer Credit
Those who bought a main home recently or are considering buying one may qualify for the first-time homebuyer credit. Normally, a taxpayer qualifies if she didn’t own a main home during the prior three years. This unique credit of up to $7,500 works much like a 15-year interest-free loan. It is available for a limited time only - on homes bought from April 9, 2008, to June 30, 2009. It can be claimed on new Form 5405 and is repaid each year as an additional tax. Income limits and other special rules apply.
Tax Relief for Midwest Disaster Areas
Special tax relief related to severe storms, tornadoes or flooding, occurring after May 19, 2008, and before Aug. 1, 2008, is available to individuals in portions of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska and Wisconsin that were affected by these disasters. Tax benefits include:
Details on these and other relief provisions are in Publication 4492-B.
Contribution Limits Rise for IRAs and Other Retirement Plans
This filing season, more people can make tax-deductible contributions to a traditional IRA. The deduction is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $53,000 and $63,000, compared to $52,000 and $62,000 last year.
For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $85,000 to $105,000, up from $83,000 to $103,000 last year.
Where an IRA contributor who is not covered by a workplace retirement plan is married to someone who is covered, the deduction is phased out if the couple’s income is between $159,000 and $169,000, up from $156,000 and $166,000 in 2007.
The phase-out range remains $0 to $10,000 for a married individual filing a separate return who is covered by a retirement plan at work.
The worksheet in the instructions for Form 1040 Line 32 or Form 1040A Line 17 can help a taxpayer figure the IRA deduction.
For 2008, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b) and most 457 plans remains unchanged at $15,500. This limit rises to $16,500 in 2009. The catch-up contribution limit for those aged 50 to 70.5 remains at $5,000 in 2008 but rises to $5,500 in 2009.
The AGI phase-out range for taxpayers who contribute to a Roth IRA is $159,000 to $169,000 for joint filers and qualifying widows and widowers, compared to $156,000 to $166,000 in 2007. For singles and heads of household, the comparable phase-out range is $101,000 to $116,000, compared to $99,000 to $114,000 in 2007.
Standard Mileage Rates Adjusted for 2008
The standard mileage rate for business use of a car, van, pick-up or panel truck is 50.5 cents per mile from Jan. 1, 2008, to June 30, 2008, up 2 cents from 2007. The rate is 58.5 cents for each mile driven during the rest of 2008.
From Jan. 1, 2008, to June 30, 2008, the standard mileage rate for the cost of operating a vehicle for medical reasons or as part of a deductible move is 19 cents per mile, down a penny from 2007. The rate is 27 cents from July 1 to Dec. 31.
The standard mileage rate for using a car to provide services to charitable organizations is set by law and remains at 14 cents a mile. As noted earlier, special rates apply to the Midwest disaster area.
The value of each personal and dependency exemption is $3,500, up $100 from 2007. Most taxpayers can take personal exemptions for themselves and an additional exemption for each eligible dependent. An individual who qualifies as someone else's dependent cannot claim a personal exemption, and though personal and dependency exemptions are phased out for higher-income taxpayers, the phase-out rate is slower than in past years.
This is one of more than three dozen individual and business tax provisions that are adjusted each year to keep pace with inflation. A complete rundown of these changes can be found in 2008 Inflation Adjustments Widen Tax Brackets, Change Tax Benefits.
Earned Income Tax Credit Rises
The maximum earned income tax credit (EITC) is:
Available to low and moderate income workers and working families, the EITC helps taxpayers whose incomes are below certain income thresholds, which in 2008 rise to:
One in six taxpayers claim the EITC, which, unlike most tax breaks, is refundable, meaning that individuals can get it even if they owe no tax and even if no tax is withheld from their paychecks.
Taxes Lowered for Many Investors
The five-percent tax rate on qualified dividends and net capital gains is reduced to zero. In general, this reduction applies to investors whose taxable income is below:
Note that taxable income is normally less than total income. The worksheet for Form 1040 Line 44, Form 1040A Line x or Schedule D and its instructions provide details.
Kiddie Tax Revised
The tax on a child's investment income applies if the child has investment income greater than $1,800 and is:
Previously, the tax only applied to children under age 18. Form 8615 is used to figure this tax.
Self-Employment Tax Changes
For those who receive Social Security Retirement or disability benefits, any Conservation Reserve Program (CRP) payments are now exempt from the 15.3-percent social security self-employment tax. Schedule SE and its instructions and Publication 225, Farmer’s Tax Guide, have the details.
More farmers and self-employed people this year can choose the optional methods for figuring and paying the self-employment tax. These optional methods allow those with net losses or small amounts of business income a way to obtain up to four credits of Social Security coverage. The income thresholds for both the farm optional method and the nonfarm optional method are increased for 2008 and indexed for inflation in future years. Choosing an optional method may increase a taxpayer’s self-employment tax but it may also qualify him for the earned income tax credit, additional child tax credit, child and dependent care credit or self-employed health insurance deduction. Schedule SE and its instructions have details.
First, as a quick lead in explanation, one major aspect of the housing rescue bill passed and signed into law in July, was a $7,500 “tax credit” for first time homebuyers.
A closer look shows the tax credit is actually an interest free loan with some qualifications. You have to start paying back this loan within two years and you make equal payments over 15 years.
When you sell your home, any profits will go first into paying off that loan. If you sell at a loss, the difference will be forgiven… meaning you will not owe any money on the loan (though it should be recorded as income as is typical with most loan forgiveness agreements, so you will owe taxes on it).
Why it was ever called a tax "credit" is not clear, but was most likely called that because the receipt of the loan proceeds (as a "refund") and the subsequent repayment is thru the Federal income tax return filing mechanism.
If the word "credit" appears below, it should be construed to be referring to this interest free fifteen year loan.
However, there are several conditions:
First-time homebuyers could receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must close on the sale of the home during this period.
Further information regarding the tax credit may be found at http://federalhousingtaxcredit.com and www.irs.gov.
(Also see my 7/31/08 post on the same subject in the Archives here)
This information is provided for general consumer awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind.
This week, a majority of the panelists at bankrate.com believe mortgage rates will fall over the next 35 to 45 days. Just 6 percent think rates will rise, and 38 percent believe rates will remain relatively unchanged (plus or minus 2 basis points).
O.K. if we accept mortgage rates probably won't rise, the other 94% think they'll stay the same or be lower. My post earlier today, suggests the only way rates are going to go much lower is for government intervention that goes contrary to market influences. ie. the government starts aggressively buying mortgage backed securities and accepts lower than the 3% spread the market looks for.
IMHO that's the only thing that's going to drive interest rates lower than where they are.
So the real bet is on whether the government will jump into the foray or not, and how long that will take.
Meanwhile, monthly principal and interest on a $200,000 30 year fixed mortgage at 5.5% is $1,135. At 4.5% the payment would be $1,013. Is saving the $122 difference worth the risk of never reaching 4.5% and the current lows around 5.5 vaporizing ?
I'd suggest not. Get your paperwork together and let's lock your purchase or refinance rate now !
Driven down by a series of unsettling dispatches from the financial front, the 10-year Treasury yield touched 2.50% last week, a level not seen since 1954 reports Barron's. The 30-year Treasury dropped within a fraction of 3%, a level not seen since the U.S. government began issuing 30-year paper. Yields dropped all over the world: the Bank of England slashed its target short-term interest rate to 2%, the lowest since 1951 . Sweden's Riksbank, the world's oldest central bank, dating back to 1668, dropped rates 1.75%. The world's newest central bank, the European Central Bank, reduced rates by 0.75% (to 2.50%). Even the Pacific Rim was not immune: Australia and China cut rates by more than 1.00% each.It is a good time to lock in your mortgage rate. Low rates have touched off a modest refinance boom. Without direct government intervention, mortgage rates to the consumer may not get all that much lower. The spread between mortgage and Treasury yields is likely to drift higher, and even if Treasury yields drop further, the capacity of the mortgage industry is so low that mortgage originators are more likely to widen margins than lower rates. At 2.86%, the spread between mortgage and Treasury yields is well off of its highs.
However, there is limited demand for mortgage securities. Regardless of purchases by the Treasury, it appears that the market has found 3.00% over Treasury yields as the balance between supply and demand for mortgage securities. **
Manufacturing contracted in November by the fastest pace in 26 years, and 533,000 people were laid off -- bringing jobs cut in the past three months to more than 1.25 million. A flurry of post-Thanksgiving bargain-hunting didn't help much: Retailers suffered the worst November in a generation. The 2.3% jump in the unemployment rate in the past 20 months was the biggest in the past 25 years. The number of unemployed has swelled by 2.7 million (to 10.3 million). Those who were working worked less: only an average of 33.5 hours a week, the lowest on record.
Good news. One of the sand states is showing signs of life (At the height of the credit boom, Wall Street coined the phrase "sand states" to describe the centers of sub-prime origination: Arizona, California, Florida, and Nevada). Home sales in California were up 5% from September and up 64% from October last year. October was the strongest month since December 2006. The median price paid for a home was $278,000, down 2% from the month before, and down 34% from a year ago. The typical mortgage payment that home buyers committed themselves to paying was $1,310. That was down from $2,016 a year ago. Adjusted for inflation, mortgage payments are back to where they were in early 2001. They are 37% below the spring 1989 peak of the prior real estate cycle, and 49% below the current cycle's peak in June 2006. 50% of all people in California can now afford homes, a much higher proportion than in years past.
source : Tom Million, Capital Markets Cooperative
** In other words, add 3% to the 10 year Treasury yield and you should get an approximate estimate of prevailing mortgage rates. With the 10 year Treasury yield at 2.5%, the lowest since 1954, the chances of market mortgage rates going below that are very slim. Of course government intervention, popular of late, can always muck up market influences, and throw even the best of projections into the gutter. -Wolf
(Click on chart above to enlarge)
(The PNC Chrismas Price Index Chart was moved to the beginning of this post.)
Happy Holidays !
Another good day for the stock market yesterday. Up almost 400 points. If we keep this up every day for the next three years, we'll almost be even again. – Jay Leno
Sometimes you’re the windshield; sometimes you’re the bug. After being the bug for so many months, the mortgage industry finally had its day as the windshield.
First the bug : Last week (11/17 - 11/21) ended with fixed mortgage rates a whopping 3.15% above equivalent Treasury yields.
According to a new study sponsored by Inside Mortgage Finance, nearly one in seven home sale contracts nationwide were cancelled during September and October because buyers were unable to obtain mortgage financing. Sales of distressed properties – those involving real estate owned (REO) or so-called short sales – made up more than 40 percent of home sale transactions occurring over the past two months, the study found.
Potential home sellers remain in denial about the true value of their homes.
Now, the windshield : As a result of this past weeks dramatic Treasury actions, fixed mortgage rates plunged by more than 0.50%. The average conforming rate closed the day at 5.50%, a level at which $2.5 trillion of mortgages are eligible for refinance and origination, even after considering credit restrictions and home price declines.
Treasury actions comprise three main components :
First, the Treasury announced that it would guarantee Fannie and Freddie debt (the debt that the agencies issue to finance their mortgage purchases), and that it would purchase up to $100 billion of that debt.
The problem in the past few weeks has been that the Treasury guaranteed bank debt, but not agency debt. So of course everyone bought bank debt to the detriment of mortgages. The result today? The yield on agency debt dropped 0.34%, and the spread between mortgage and Treasury yields dropped by the same amount. The spread closed today at 2.80%.
Second, the Treasury announced that is would purchase up to $500 billion of Fannie, Freddie, and Ginnie securities, which further pumped up mortgage prices. Third, Treasury yields dropped (the five-year Treasury yield closed today at 2.05%). These three phenomenon combined to create a whopper of a day for mortgages. CMC patrons locked almost a month's worth of loans today alone.
Third, the Treasury decided to enter the commercial banking business. It announced a program to finance hundreds of billions of dollars in car loans, student loans, and business debt. The Treasury will form a government bank(!) and seed it with $20 billion of TARP funds. The Federal Reserve will lend the new entity up to twenty times that amount to create loans. Of course the bank regulators would shut down a private institution if it were levered twenty times, but never mind that. These are truly incredible times.
"You seem to be flying a $700 billion plane by the seat of your pants." – Rep. Gary Ackerman, D-NY, as the House Financial Services Committee took pot shots at Henry Paulson. The $700 billion bailout of the banks has undergone more transformations in less time than any government program ever dreamed up . Finally, however, some of the money is having a positive effect on the mortgage industry.
Mortgage rates might stay low for a while. The yield on two-year Treasuries last week fell below 1% for the first time ever, and longer-term yields posted their biggest drop since October 1987.
At the same time, the yield spread between 10-year nominal Treasuries and 10-year Treasury inflation-protected securities, or TIPs, collapsed to just four basis points, another record low. That means the market is expecting essentially no inflation over the next ten years – and that is why many predict Fed Funds will drop to 0% and stay there for most of 2009. There isn't much risk of higher Treasury yields any time soon.
Goldman Sachs economists warned Friday that the unemployment rate will rise to a jaw-dropping 9% from 6.5% currently. As a result, the 10-year-note yield could fall as low as 2.75% in the first quarter of 2009, reports Barron's .
As for stocks, the carnage continues. If stock-market movements followed the normal distribution, like human heights, an annual drop of 10 percent or more would happen only once every 500 years, whereas in the case of the Dow it has happened in 20 of the last 100 years. And stock-market plunges of 20 percent or more would be unheard of—rather like people a foot and a half tall—whereas in fact there have been eight such crashes in the past century.
When the S&P went below 804 last week, the percentage decline off the highs marked the greatest bear market in history since the Great Depression. The S&P 500 index dividend yield, about 3.79%, exceeded the 10-year Treasury yield. For the first time in half a century, the dividend yield is higher than the bond yield. Stocks are cheaper than they were, but they could get a lot cheaper.
Perhaps today is a turning point, and the constructive efforts of the new administration have begun. And not a moment too soon. Since Sept. 24, when Obama opened up a nine-point lead in the race, the Dow fell 19%. In order of urgency, most analysts call for Obama to support a bold new stimulus package, aid for Detroit, foreclosure relief, a delay on tax hikes, free trade, new financial regulation, fuel-efficient cars and fair rules for union votes.
Happy Thanksgiving ! Thanks for your business and have a good week. --
Fed (Dec ‘08)
Fed (Jun ’09)
source: Tom Million at Capital Markets Cooperative (capmkts.org)
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