Mortgage Update...and GO BLUE News

Home loan rates have been fairly stable the last few weeks, ranging from the mid-4’s to low 5’s depending on a number of specific loan factors. Rates are definitely expected to rise by the end of this month due to the termination of the government’s buying program of mortgage-backed securities. This program basically generates demand for Fannie Mae and Freddie Mac pooled mortgage securities, which in turn, maintains rates at a lower level. Once the buying stops, most experts expect demand to wane, and prices to drop, thereby causing a rise in interest rates for home loans.

Also be aware that the deadline for the Tax Credit for homebuyers is rapidly approaching – to qualify you must be under contract by April 30th and close by June 30th. This program is widely credited for the current housing demand.

The University of Michigan Women’s Water Polo Team was here in Orange County last weekend for the annual UCI Invitational Water Polo Tournament. The event is one of the premier tournaments of the women’s collegiate polo season. This year, the Michigan Wolverines, currently ranked 8th in the nation, finished the tournament in 8th place. After a strong start, they lost their leading scorer to an injury and struggled in their remaining games. Michigan has completed the season in the top ten the last two years; and participated in the NCAA championships four of the last eight years.

Oh, did I forget to mention my daughter Katie is the Assistant Coach? Katie, who captained the Cal Bears her junior and senior years at Berkeley, is in her third season coaching at Michigan…and bought a condo in Ann Arbor last year. Yes, she earned the first-time homebuyer tax credit. She’s adjusted to the cold and snow nicely. But I remember the first time she called me and said, “Mom, it is snowing, and I fishtailed twice in the parking lot when I left to go out tonight…so I decided to stay home.” Good call.

Summers are especially nice in Ann Arbor, which has a thriving downtown filled with the typical college town restaurants, galleries, bars and boutiques! Every spring they host a parade of outrageous giant-size papier-mâché puppet creations called the FestiFools parade. I attended last year with Katie. What a blast! This year it is April 11th.


The puppets are created by students and community members who perform on downtown’s State Street, to the back beat of GROOVE, a percussion ensemble from the University. These huge handmade puppets represent everything from crazy dancing eggplants to dinosaurs and famous people. FestiFools is all about the three F’s: Fun, Free and Foolish! www.festifools.org

Ann Arbor is also home to the annual Top of the Park Music Festival, which runs for three weeks at the end of June, and an Art Fair in mid-July. The Art Fair attracts over 500,000 visitors annually, and was founded in 1960. It has been recognized as a top art fair in the nation many times…I hope to get back to visit one of their fun events this year.