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Los Angeles Mortgage Rates Report: February 28, 2008

I had a complete meltdown on my Twitter feed, yesterday.  Bernanke told the House that he was concerned about inflation but more concerned about a recession.  I initially reversed my float recommendation and subsequently changed it back to lock because I thought Wall Street would hate Ben's remarks; I was wrong.  I violated the first principle; don't fight the Fed.

The Federal Reserve is worried about a recession.  I think we can expect the Fed to cut rates next month.. The anticipation of that cut gives us a chance to see mortgage rates drift lower.  You should CAUTIOUSLY FLOAT your mortgage rate if your closing is over 7 days away; I think you'll have some room to get a mortgage rate that is .125% to .25% lower than it is today.

We're you paying attention to my Valentine's Day gift of love? I pointed out the hot curves on the 10/1 ARM; it was a full 1% lower than a 30 year fixed.  She's not as sexy as she was last week but the 10/1 ARM is still .5% better in rate than the 30 year fixed.

This morning's report is a bit more dry than the others because today will be busy.  The Gross Domestic Product showed that the economy is teetering on the brink of recession.  That news will be good for mortgage rates.  The market is volatile so always check Mortgage Rates Report for updated recommendations.

BREAKING NEWS: I'll be offering this syndicated column for Home Gain as "National Mortgage Rates Report", every Monday and Thursday.

Los Angeles Mortgage Rates Report: February 25, 2008

I haven't posted much because I'm still locking all mortgage rates, for Los Angeles home buyers, at application.  The market is so volatile because some on Wall Street believe that we're NOT going to have a recession and that the Fed will reverse course and start raising the Discount and Fed Funds rates.britt

Say What?  Well, I don't make the rules, I follow them.  While I expect to see lower rates in 6 months, today, they're rising faster than a popstar's audience grows.  Of course, what goes up can come crashing down (ask Britt) but today, we're dealing with higher mortgage rates.

The strategy I recommend is to obtain a 10/1 ARM at 5.375% (5.62% apr) with no discount points.  You can lower the rate on that loan to 5.125% by paying a point upfront but it will take over 5 years to recoup that cost; I think you'll sell or refinance during that time (or have an opportunity to do so).  I just can't understand why anyone would want a 30 year fixed AT EXACTLY 1% HIGHER than the 10/1 ARM.

Okay, let's get back to Britney Spears; she'll illustrate my point about the 10/1 ARM.  In 1999, she was 17 years old and the hottest thing since Elvis.  She released her debut album, Baby One More Time, and was the darling of kings and Presidents.  Today, Britt's struggling in rehab and dealing with custody issues.  In ten years, she will find God, get re-married, remake her career, and be considered one of the most influential artists of all time (only in America).  Now, I'm exaggerating to reduce the ten year time frame to the ridiculous.  I only wish the best for Britney and certainly wish the best for you.

That's why I'm so adamant about the ten year ARM.

PS- Want the fastest response in this volatile market?  Apply online and call me at 858-777-9751 right after you apply online.

Rock Rose Art Gallery Celebrates Women's History

Sunday, February 24, 4 p.m.
Rock Rose Art Gallery Celebrates Women's History
with Art Exhibit and Sale " Women in Art"
at Heritage Square Museum

Exhibiting Feb. 24 - Mar. 16, 2008  Please join artists: Carol Colin, Victoria Delgadillo, CK Eder, Laura Escobar, Kathy Mas-Gallegos, Margaret Garcia, Patricia Lazalde, Alma Lopez, Tati Luboviski-Acosta Cecilia Marmol, Rosamaria Marquez, Irma Montelongo, Julie Nagesh, Elaine Parsons, Jennifer Parsons Pastras, Sarah Pavsner, Lori Pond, Christy Ramirez, Dorothy Shepherd and Kelly Thompson. Women in Art - Reception hosts: Dolores Stewart, Yolanda Nogueira (M.A.N.'s Ins) and Max Vasquez (MaxMuzik).

Rock Rose Patrons 2008 are Bob Taylor Properties Inc., Edward Rivera, Carmela Gomes and Bernardo's Carburetor Service.

Rock Rose Gallery at the Heritage Square Museum/Perry Mansion
3800 Homer Street, Los Angeles, California 90031
Tel. 323-225-2700

Rock Rose Art Gallery was established in Highland Park in 2000 by producer/director Rosamaria Marquez as a tribute to C. Bernard Jackson founder of the first multi-cultural theatre in the country - Inner City Cultural Center.  At Rock Rose artists of all disciplines (visual and performing arts) are nurtured and encouraged to pursue their creative dreams in an environment neighboring communities can also enjoy and support.

For more information about our upcoming events and community collaborations,
please all (323) 635-9125, write or visit Rock Rose Art Gallery and Production Co. is located at 4108 N. Figueroa Street, Highland park, CA 90065 ( two blocks from the Metro Gold Line - Southwest Museum exit, or off 43rd Ave exit north or south on Arroyo Seco Parkway - Pasadena Fwy)   

This weekend at La Casa Blue in Highland Park

This weekend at La Casa Blue in Highland Park
Thursday: Guy burnslow Presents: Blues and Jazz Unpopable & Carlos Guitarlos starting at 8:30 pm

Friday Its Karaoke with Mike and Danny, Mystery Beer specials & Buffet all night long.

Saturday: Champagne Brunch 8AM to 2PM.
Andrea Digiulio Presents "Wumbloozo at 9PM to 11PM
Then DJ "SUN" from 11PM to 1AM

Sunday: 8AM to 2PM Champagne Brunch for god sakes!
3PM to 9:PM OSCAR PARTY! Beer bust starts at 3 broadcast starts at 5pm $50 door prize for most correct Oscar Ballot. Ballots collected from 3 to 5 pm only.

La Casa Blue, Food & Bar
5930 York Blvd., Los Angeles, CA 90042 323-257-1370

Tuesday night Figure Drawing Workshops

The Avenue 50 Studio in Highland Park has held continuous Tuesday night Figure Drawing Workshops for
the past five years. We will continue to offer our workshop featuring a live model on Tuesday nights
starting at 7:00 pm and continuing through 10:00 pm. We start with 2 minute poses and gradually work up to 25 minutes. Be ready for an intense yet tranquil session where one is able to explore their talents.

When: Every Tuesday Night from 7-10 pm
Where: Avenue 50 Studio, 131 No. Avenue 50, Highland
Park, CA 90042
(323) 258-1435
Donation: $12 per session

Francisco Letelier Cuentos/Stories art opening

Francisco Letelier


Paintings, collage and drawings

Opening Night Reception:  Saturday, February 16, 2008 from 7-10 pm

The Avenue 50 Studio is proud to present an exhibition of spiritual and political art by Francisco Letelier. Letelier bridges continents and weaves together history and contemporary experience, creating artwork that is powerful and memorable.  Born in Chile, he is known both for his visual art and his perceptive writing, spoken word and poetry.

Letelier has completed murals, public artworks and private commissions throughout the United States,
Latin America and Europe.  The artist has collaborated on projects with diverse artists and writers such as Ariel Dorfman, Quincy Jones, Bonnie Rait, U2, Tom Hayden and Jane Goodall.  He received a Grammy
Nomination in Package Design for work on musician Jackson Browne’s “World in Motion” release.  The
widely publicized, “Becoming the Circle”, a mural at the historic Pioneer Bakery in Venice, included
portraits of those who live in the surrounding Oakwood neighborhood.  His monumental ceramic tile murals, “El Sol and La Luna” adorn the Westlake/MacArthur Park Metro Rail Station in Los Angeles.  The works carry on the legacy of the Chilean mural tradition and serve as a symbol for the diversity of the City of Los Angeles.

Francisco is the son of Orlando Letelier, who was assassinated in Washington DC in 1976.  The car
bombing was the first act of international terrorism to occur in the nation’s Capital.  Agents from the
Chilean secret police acting under orders from former Chilean dictator General Augusto Pinochet and in
collaboration with anti Castro Cuban terrorists were involved in the conspiracy.

Exhibition run:  February 12 through March 2, 2008

Avenue 50 Studio, Inc.
131 No. Avenue 50
Highland Park, CA  90042

Beyond Baroque Spotlights Suzanne Lummis, 2/16

The Beyond Baroque Spirit of Southern California Poetry Series turns its spotlight on Suzanne Lummis at
7:30 pm this Saturday, February 16 with a celebration of her remarkable career as a teacher, author, founder of the Los Angeles Poetry Festival and roles as the dynamo behind Speechless (aka "the oddest little literary magazine on the Web"), and her suspenseful adventures as Nearly Fatal Woman.

G. Murray Thomas and Amelie Frank host. Celebrants include: Mary Armstrong, Laurel Ann Bogen, Larry
Colker, liz gonzalez, Bill Mohr, Cathie Sandstrom, Charles Webb, Cecilia Woloch, Sung Yi, with a special
guest appearance from Robert Mezey, editor of the ground-breaking 1970's anthology, Naked Poetry.

Beyond Baroque is located at 681 Venice Boulevard. Admission to the reception is $8.  For information,
call: 310-822-3006.

Among her other accomplishments, Suzanne Lummis is also the organizer of the Lummis Day poetry event and among the organizers of the Lummis Day Festival's Los Angeles Public Library program. (The Lummis Day Festival is named for her grandfather, the renowned L.A. cultural-historical figure and author Charles Fletcher Lummis)

The Lummis Day Library program, a series of readings and presentations in  Los Angeles libraries will
include events on four consecutive Saturdays beginning April 26 at the El Sereno Branch Library and
continuing with events at the Arroyo Seco Regional Branch Library (May 3), the Eagle Rock Branch Library (May 10), the Cypress Park Branch Library (May 17). Poets William Archila, Lory Bedikian and others will read their work at the library gatherings. On alternating weeks, Archila and Bedikian will also be conducting free writing workshops -- giving poetry lovers and library-goers a chance to find their own artistic voices. The series will culminate in a Saturday May 24 party at the Southwest Museum's Braun Library with music, poetry, an open mic, refreshments and a book sale.The 3rd annual Lummis Day poetry event will be held at 11am on Sunday, June 1 at Lummis Home (200 E. Avenue 43).

The Lummis Day Library program and the Festival's June 1 gala poetry reading at Lummis Home are sponsored by Poets & Writers Inc. through a grant it has received from the James Irvine Foundation.

Los Angeles Mortgage Rates Report: February 14, 2007- ARMs Building Muscle

I fell in love with ARMs again, after a five month hiatus.  Hey!  It's Valentine's Day so I can tell you a love story.  This love affair has been going on since I was in my 20s.  The sexy allure of adjustable-rate Sexy_lady_2 mortgages were replaced by the stability of that old battle-axe, the fixed rate loan.  The culprit was the flat yield curve.  I dig curves so my eyes popped out of my head when I opened my e-mail this morning.

Adjustable-rate mortgages walked into my life like a wild-eyed, long-haired, bombshell on a Harley, toting a bottle of tequila. Normally, I balance her beauty with the risk she presents but I promise you, she's a changed woman.  This time, she promises to stay put for a ten-year period.  Frankly, ten years is plenty of time for me to outlast a few bumps in the economic road; it's a relationship worth having.

I'm talking about the spread between a 30 year, fixed rate loan and an ARM with a ten-year fixed period.  The 30 year mortgage is around 6.0% while the ten-year fixed rate ARM is offered at 5.25%. Ten years is a LONG time, regardless of the economy, so I'm recommending that over the fixed rate loan.  Let me illustrate how long ten years is for you.  In 1998:

1- Smoking was banned in all California bars and restaurants
2- Mark McGwire broke Roger Maris' single season home run record
3- The Belfast agreement for peace in Northern Ireland was signed.
4- The Padres were in the World Series.
5-  Apple Computer unveiled the iMac
6- Microsoft was convicted of monopoly.
7- Monica Lewinsky redefined the phrase "sexual relations"
8- Google was started.
9- Jesse Ventura was elected Governor of Minnesota
10- The movie Titanic won the Academy Awards.

Do you see where I'm headed with all of this?  Ten years is a long time.  Forget 30 year fixed rate loans if you think you might move, retire, refinance, or send a kid to college between today and 2018.

The ten year loan at 5.25% (5.51% apr) is just too damned sexy!

Please contact me:

Call me at 858-777-9751

E-mail me at brian (at) californialoanconnection (dot) com

Apply for a loan online at