Danny Forbes Wednesday Report

Good Morning, Wow! What a crazy few days it has been in the financial markets. Here is a rundown of the major events since last Friday, October 3rd.

1. The U.S. lost the most jobs in 5 1/2 years as September's Jobs report showed a loss of 159,000 jobs. The unemployment rate remained steady at 6.1%

2. Global Stock Markets (including the U.S.) have plunged overnight as the $700 billion rescue plan passed by the House and Senate last week is not being perceived by global investors as a "cure-all" for world economies and credit issues.

3. The Federal Reserve led a coordinated emergency interest rate cut this morning that included the European Central Bank, Canada, UK, Switzerland and Sweden. The U.S. Federal Funds rate was lowered by 0.5%. The joint effort was to ease the economic effects of the worst financial crisis since the Great Depression.

The good news is that Mortgage Interest Rates have held their own since the economic turndown. Please take a look at the attached flyer to view today's Mortgage Rates. (just email me at edy@seattlepowersearch.com and I'll send it to you.) Keep working hard and stay focused. There is light at the end of the tunnel!

Danny Forbes
Mortgage Banker/Broker
Golf Savings Bank
Direct: 425-673-8231
Fax: 425-771-5055

Edy Kizaki

Realtor, Team Leader

www.SeattlePowerSearch.com