WELCOME...to a review of our real estate industry's events. My personal goal is to keep you informed of critical and not so critical news. I hope you will take the time to share any future topics you have an interest in.

Joe Stiles

This week, home mortgage rates rose to the highest level in FOUR years, according to FHLMC. Interestingly, the one-year ARM hit its highest level in SEVEN years.

Average 30-year fixed-rate mortgage:

Average 15-year fixed-rate mortgage:

One-year treasury ARM:

According to Frank Nothaft, the Chief Economist for FHLMC, financial markets believe that the current rate of inflation is above the comfort zone for the FED, which will lead to more rate hikes. In fact, the FED will meet next week. It is widely anticipated that they will increase short term rates another .25%. Some are anticipating a .50% increase, which will really cause mortgage rates to spike even higher.

May Report: NATIONAL Housing Starts & Permits.

According to the Commerce Department, national housing starts grew 5% -- to 1.96 million units.

National permits issued slid 2% -- to 1.93 million units. Permits issued are an early indicator of future building

May Report: HOUSTON.

According to the Houston Association of Realtors, Houston's housing market is strong.

The average number of days a listing is on the market decreased, which is a GOOD sign that our housing market continues to show strong improvement.

The "Interest Only" loan is not for everyone. The program is best suited for someone who receives bonus income periodically and/or expects to pay the loan off within ten years.

The specs of the program is that a rate is fixed for the first ten years with a payment of interest only. At the end of the first ten years, the loan will be fully amortized over the remaining 20 year term at the existing interest rate.

This is a great program because it provides the home buyer an ability minimize the monthly payments and lock in an interest rate based on "today's" market conditions.

Take advantage of this and many other loan programs from Joe Stiles & Network Funding

If you have questions, please consider me a readily- available resource. Feel free to email me with your questions.

Many will say a positive attitude will take you to great heights, not only in your personal life but also in your career and your physical condition.

Can you doubt for one minute that even as we struggle with some difficulties, there are points and issues to be grateful for?

My mother has been recently diagnosed as being terminally ill. What am I grateful for? I am very grateful for each new day and I am grateful for my mother's life and guidance.

NOW...what do you have to be grateful for?

When you need a mortgage banker that works as hard as you do, let me introduce you to MORTGAGE FINANCING WITH...STILE

Are you looking for new new business development opportunities? Be sure to ask me about the Private Label Mortgage Lending Program and how it benefit you, directly.

JOE STILES has over 20 years mortgage experience and lives in West Houston with his wife, Linda, a dynamic professional speaker and communications trainer (www.lindastiles.com). Joe earned a BBA degree in Marketing from the University of Houston, where he was awarded membership in the Phi Kappa Phi and Beta Gamma Sigma honor societies. Joe is also a graduate of the School of Mortgage Banking at Northwestern University. Joe remains active in the Houston community through Second Baptist Church and numerous civic organizations. Joe frequently speaks at many Houston-area organizations and at local firms on Credit Scores, stolen IDs - Prevention & Cure and several other funny and motivating topics.

Network Funding is a Houston, TX based mortgage banking firm that has 160 branches in 32 states.