How does one express how low mortgage rates are getting these days? I mean we’ve been seeing for weeks now, via the Primary Mortgage Market Survey, that mortgage rates have been lowering inch by inch, but how can I explain it in the most appealing of terms?

If mortgage rates were in a limbo competition, they would have smoked the competition and pushed the concept of flexibility. If mortgage rates were a deep-sea diver, they would be frequenting the Titanic wreck. If mortgage rates were at an amusement park, they wouldn’t be able to ride any rollercoaster because they’re that low to the ground. If mortgage rates were your friend and you were in a heated argument with them, they’re so low they’d bring up your ex-girlfriend. The next time a rap song asks you to get low, you’re going to yell “LIKE, MORTGAGE RATES LOW?!” That’s how low they are. If you still don’t believe me, here are the raw numbers from Freddie Mac:

30-year fixed-rate mortgage (FRM) averaged 3.41% with an average 0.7 point for the week ending April 18, 2013, down from last week when it averaged 3.43%. Last year at this time, the 30-year FRM averaged 3.90%. 

 15-year FRM this week averaged 2.64% with an average 0.7 point, down from last week when it averaged 2.65%. A year ago at this time, the 15-year FRM averaged 3.13%. 

 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.60% this week with an average 0.5 point, down from last week when it averaged 2.62%. A year ago, the 5-year ARM averaged 2.78%.

 1-year Treasury-indexed ARM averaged 2.63% this week with an average 0.4 point, up from last week when it averaged 2.62%. At this time last year, the 1-year ARM averaged 2.81%. 

 So, if you’re a visual learner, look at the charts to see how low the rates are. Need some stats to prove how low mortgage rates are? Look at the italics above, or if you learn through over-dramatic metaphors, read the first paragraph again. If all of those fail you, and you need an in-depth analysis of how and why mortgage rates acted how they did this week, read this quote from Frank Nothaft, the vice president and chief economist of Freddie Mac.

“Mortgage rates nudged lower this week as consumer spending showed signs of weakness. Retail sales contracted for the second time in three months, falling 0.4 percent in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains.”

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Bob Walters, chief economist and vice president of capital markets for Quicken Loans, is getting called upon more and more for his advice on all things mortgage related. After being quoted on programs and publications like CNN, USA Today and the Wall Street Journal, Walters continues to be interviewed and quoted for his knowledge on the housing market. His most recent foray into the media world was for the Real Estate Today Radio Show, a show for buyers and sellers in the real estate world.

Echoing the awesome reports we’ve heard about mortgage rates and the housing market over the past few weeks, Walters discusses why now is the time to get a home with host Gil Gross. A decent amount of time is spent explaining the different types of mortgages available and the pros and cons that go with them. Walters is quick to mention the Quicken Loans YOURgage, a fixed-rate loan the can be anywhere from 8 to 30 years. Many consider 30 years to be the locked-in standard, an obvious choice for a mortgage length. Walters explains, however, the benefits of using a YOURgage; if you want the advantages of a fixed-rate mortgage but you know you’re going to move once your kids graduate high school in nine years, you can get a YOURgage for that time instead of locking into a 15-year FRM or a pricier ARM.

You can listen to the full Real Estate Today Radio Show episode here for more information on mortgages, straight from the guru Bob Walters.

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Quicken Loans CEO Bill Emerson recently appeared on Bloomberg TV’s “Market Makers,” with Scarlet Fu and Stephanie Ruhle, to discuss the recent deal with Ally to purchase $34 billion in servicing rights.

This is a huge move and makes us one of the larger mortgage servicers in the nation. Plus, these are great loans to add to the Quicken Loans servicing portfolio. They are performing well and many have interest rates above today’s record-low mortgage rates. Hint: these folks are perfect candidates to save some money with a mortgage refinance and we want to make it as easy as possible for them to do so.

Emerson also talks about Fannie Mae and Freddie Mac, interest rates remaining low, risk and change in the mortgage industry (and how Quicken Loans has always been able to adapt quickly – you can take my word on that one), the economy and the housing market.

Check out the video below and let us know if you have any comments or questions on the stuff Bill talks about. If you can’t see the video, watch it here.

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It’s an exciting week in the world of the Primary Mortgage Market Survey, or PMMS if you’re cool like that with abbreviations. If you’re a weekly reader of the PMMS report here at the Zing Blog, good on you, and you’ll remember that last week’s PMMS reported fixed-rate mortgages were on the rise. This has ceased, and reversed! Fixed-rate mortgages are back near where they were about two weeks ago, and our awesome weekly readers will remember two weeks ago that rates were nearing record lows. As if that weren’t enough to put you in a good mood, I’ve got the mortgage-rate cherry to put on top of this housing sundae, straight from Freddie Mac: As of this week, 30-year fixed rate mortgages have remained below 4 percent for an entire year. I can’t say enough, there ain’t no time like the present to lock in a mortgage! Rates rose last week, there’s never a guarantee to where they’ll be next week. Enough of my babbling, here are the cold hard statistics for this week’s PMMS report:

30-year fixed-rate mortgages averaged 3.54 percent with an average 0.8 for the week. This is down from last week when it averaged 3.63 percent. Last year at this time, the 30-year FRM averaged 4.08 percent.

15-year fixed-rate mortgages averaged 2.72 percent with an average 0.7 point, down from last week when it averaged 2.79 percent. A year ago at this time, the 15-year FRM averaged 2.96 percent.

The 5-year adjustable rate mortgage averaged 2.61 percent this week with an average 0.6 point, the same as it was last week. A year ago, the 5-year ARM averaged 2.96.

The 1-year adjustable rate mortgage averaged 2.63 percent this week with an average 0.4 point, down from last week when it averaged 2.64 percent. At this time last year the 1-year ARM averaged 2.84 percent.

Alright, calm down dear reader. I know, I’m freaking out from these numbers too. But that’s not all; it’s time for an even more in depth explanation of the fluctuating rates from Frank Nothaft, the VP and chief economist of Freddie Mac, with the best news of all:

“Low and stable inflation is placing downward pressure on fixed mortgage rates. Annual growth in the consumer price index has remained at or below 2 percent for the past four months, and for the producer price index even lower. This, in part, is why the Federal Reserve monetary policy committee on March 20th lowered the upper end of its inflation forecast for 2013. In addition, our March Outlook calls for 30-year fixed mortgage rates to remain below 4 percent throughout this year.”

You read that right, 30-year FRM is speculated to remain below 4 percent for the rest of the year! Get it while it’s still low. However, there’s still no speculation to how quickly it can raise to that. As always, join me next week for more exciting news in the weekly PMMS report.

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It’s Thursday, which can only mean one thing: No, not a new episode of Friends, that show ended years ago. What’s wrong with you? I’m talking about our weekly Primary Mortgage Market Survey (PMMS).  There have been some slight changes in the rates since last week, most significant amongst these are with the 30-year fixed rates. Although these are signs of a strengthening economic forecast according to Freddie Mac, it does nail down my point that I brought up last week: get these rates while they’re in their prime! Especially adjustable rate mortgages which have budged less than their fixed-rate brethren. Enough of my (accurate) predictions though, here are the raw facts for this week’s PMMS report:

30-year fixed-rate mortgages averaged 3.63 percent with an average 0.8 point for the week. This is up from last week when it averaged 3.52 percent. Last year at this time, the 30-year FRM averaged 3.16 percent.

15-year FRM this week averaged 2.79 percent with an average 0.8 point, up from last week when it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.

The 5-year ARM averaged 2.61 percent this week with an average 0.6, down from last week when it averaged 2.63 percent. A year ago, it averaged 2.83 percent.

The 1-year ARM averaged 2.64 percent this week with an average 0.4 point, up from last week when it averaged 2.63 percent. A year ago, it averaged 2.79 percent.

Nice numbers and italics, you must be thinking to yourself. But if you need an educated quote to help digest all of this mortgage information, here’s Frank Nothaft, vice president and chief economist of Freddie Mac:

“Fixed mortgage rates rose this week on stronger signs of jobs growth and consumer spending. The economy added 236,000 new workers in February which helped push down the unemployment rate to 7.7 percent. This helped offset the effects of the payroll tax holiday expiration and led to a 1.1 percent increase in retail sales, which was well above the market consensus forecast.”

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When I visit my grandparents’, they always talk about how expensive everything is. Often they ramble off a list of things they could buy for a penny when they were my age: candy, bread, shirts, toys and so many more things. Part of me thinks that inflation and cost of living increases haven’t really set in for them yet, but back in the day a penny bought a lot. You can’t argue with that.

It got me thinking about what a single penny could buy today, which isn’t much of anything. In fact, you can’t even make a penny for a penny. CNNMoney says, “The U.S. Mint spent 2 cents to produce and ship each of the 5.8 billion pennies sent to banks last year.”

So it costs more to make and transport pennies than they’re actually worth – begging the question should the U.S. ditch the penny?

The penny buzz picked up in recent weeks after President Obama mentioned eliminating the denomination. This isn’t a new issue though. In the past few decades, several politicians have suggested getting rid of the penny. Our friends over at Quizzle note that public out cry and lobbying efforts saved the penny from extinction many times.

We’re attached to the penny and think about it constantly, so how could we imagine getting rid of it? We look for places in our personal budgets to save pennies. We’re taught that cutting a few cents here and there add up to big savings in the end. Even thought the U.S. government uses more time and resources to make a penny than what it’s actually worth, we put this small denomination on a tall pedestal as the key to saving. After all, a penny saved is a penny that stays in your pocket.

Furthermore, The Economist notes that eliminating the penny could cost the U.S. Mint more money. Experts think that ditching the penny would mean more dependency on the nickel, which costs over 11 cents each to produce. This move could cost taxpayers millions more each year.

Advocates of keeping pennies also suggest that prices will increase across the board. After all, if things are rounded to the nearest nickel, your $2.03 cup of coffee with cost an extra two cents. That extra two cents adds up after a few weeks.

Despite these drawbacks, several countries have eliminated their smallest currency denomination. The New York Times says, “A number of countries, including Australia, New Zealand, Brazil, Finland, the Netherlands, Norway, Sweden, Switzerland and Britain, have already dropped their lowest-denominated coins, without dire consequences.”

Experts also suggest that our attachment to the penny might be slowing us down. CNNMoney notes that about a year ago, Chipotle tested rounding totals to the nickel amount – thinking it would save cashiers and customers time. Cashiers save time by not having to fumble with making change and counting their tills at the end of shifts. Owners hoped that this could speed up customer service. However, customers weren’t happy about the price changes, and Chipotle quickly reverted back to counting by the penny.

Today, one of the top concerns of U.S. citizen is getting the U.S. budget under control. According to Coin Update, “The production and distribution of the penny generated a loss of $58.0 million.” Getting rid of the penny could cut millions in the U.S. budget. Canada estimates ceasing pennies production will save taxpayers about $11 million dollars a year. Although the savings seems small, it could help save other necessary government services.

From a business standpoint, almost any company would have probably got rid of the penny years ago since it costs more to make than it’s worth. On the other hand, most of us want to save our money – even if it means a penny here and there.

What do you think? Should the U.S. Mint ditch the penny? Share your thoughts with other Zing readers!

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Quicken Loans Chairman and Founder Dan Gilbert was a guest host today on CNBC’s Squawk Box.

It’s was an interesting two-hour segment, featuring discussions on the dreaded Fiscal Cliff (and how it could affect mortgage rates – can you say “go up?”), Dodd Frank legislation to regulate the mortgage industry, and the housing industry in general.

Of course, Gilbert also talked about Detroit, a place he’s pretty passionate about, in case you haven’t noticed. Lots of revitilization is underway in Detroit, and Quicken Loans is right at the heart of the growth. As a kid who grew up in the city and attended high school right smack in downtown, any news about Detroit’s growth is good news to me.

Here are three clips of Gilbert’s appearance on the show. Hope you enjoy them. Please let us know what you think. Do you agree with Dan?

Gilbert talks about the housing industry (housing prices, how the Fed affects the market, and other issues in the mortgage industry).

Dodd Frank & Your Mortgage (Gilbert explains how regulations affect the mortgage industry)

Mortgage Industy and the Fiscal Cliff (Gilbert analyzes the mortgage industry from the beginning of the video, then talks specifically about Quicken Loans)

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If you’re a San Francisco Giants fan or a Detroit Tigers enthusiast, you’re walking on cloud nine right now.

After all – a grueling 162-game regular season and two rounds of the post season can take a major toll on a fan, and finally you’re enjoying the fruits of your fandom’s labor.

However, if you’re a local restaurant or bar owner in either San Francisco or Detroit, you’re probably just as happy as the players and coaches that made it to the World Series, because you’re about to see an unbelievable surge in business over the next 10 days.

Just by taking a look at the possible economic impact in Detroit, my eyes instantly turned into dollar signs, and I’m not even a business owner.

First off, if you want to find a hotel room in Detroit during the weekend of games three, four, and potentially – but hopefully not – game five, good luck. According to Crain’s Detroit Business, over 2,000 hotel rooms have already been booked for the home set of the World Series in Detroit.

Considering Detroit isn’t necessarily a hot vacation destination like San Francisco, I’d say that’s a higher volume than most hotels would have expected for the end of October.

Crain’s also reports that if the series goes at least five games – again, let’s hope for a four-game sweep by the Tigers – the local economic impact could be toward the better part of a $30 million boost.

Seem like a lot? Take into consideration all of the bars and restaurants in the area that are going to see more patrons walking through the door than usual, not to mention the out-of-towners looking for something to do while they’re in the city.

For instance, the local bar Bookies has already ordered 10 times as much beer than they would for a regular home game, and when all is said and done, the owner is anticipating $100,000 in additional revenue from the World Series coming to town.

All of these numbers are fine and grand, but what I feel is way more important to look at are the intangibles that come along with the exposure that Detroit is going to get.

The last time the Tigers played in the World Series was 2006, and saying that a lot has changed in six years would be a colossal understatement.

From businesses coming downtown to new restaurants opening up, I think the national spotlight on Detroit is going to change people’s perceptions in a positive manner.

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The other day I went to the hardware store to buy a furnace filter. As I wandered around trying to find one, I noticed that the store already had holiday decorations and Christmas tree displays set up. While the absurdness of having Christmas trees set up next to a giant Frankenstein sank in, another thought passed through my mind. Over the past week, I’ve heard a lot of great economic forecasts for the coming holiday season and how it’s supposed to tick up again this year.

With the holiday shopping season quickly approaching, many stores are already ramping up. Time.com notes that this holiday season may inject nearly $925 billion into the U.S. economy. This is a 5% increase over last year.

With more shoppers predicted at the stores, many plan to hire thousands of seasonal workers. Toys R Us plans to add 45,000 workers – 5,000 more workers than last year. Kohl’s anticipates hiring 50,000 extra people to staff stores during the shopping season, which is 10% more workers than last year. Not to be outdone, Macy’s tops the list and plans to hire nearly 80,000 temporary workers – up from 78,000 workers last year.

While taking a temporary seasonal position may seem like a step backwards in the employment world, taking this type of job can help you in many ways.

Earn paychecks
The first and most obvious benefit from a temporary job is a steady paycheck for a while. If you carefully budget, you can start a little nest egg to hold you over if you don’t immediately get a job after your term ends.

Update your skills
If you’ve been out of the workforce for a while, getting a seasonal job can update some rusty skills on your resume. Maybe you already have some experience in communicating to customers, but some company-based training gives you modernized tactics to understand customer needs.

Gain new skills
You might even pick up some skills during training or on the job that can translate to other positions. If you have experience handling cash at a retail shop, that might help you get a position at a bank. You never know what skills you could pick up at that may come in handy later.

Beef up your resume
Employers generally don’t like to see huge gaps in your resume. A seasonal position can help fill those and show potential employers that you are serious about looking for work and are always keeping an eye out

Network
You never know who you might meet at a temporary job and what connections they might have. Making as many connections as you can during your temporary employment time may yield an interview in the future.

Learn more about the company
Sometimes a place looks amazing when you’re on the outside looking in, but once you start working there the story changes. A temporary employment position at a company you want to work for gives you insight on how the place functions, without the strings of a full-time position. If you find out that you don’t like working there, you can pack up and leave. Leaving a full-time job after 3 or 4 months looks bad to potential employers. However, if you were a temporary worker, it’s understood that your time there was intended to be limited.

Transition to a full-time position
If it turns out that you like your temporary position and the company you work for, you work hard, and show that you can contribute to the company, you might receive a full-time job offer. If they need to fill a position, why look outside the company when you can find someone from the inside who already knows company processes? Not having to train a completely new person saves time and money.

If you’re looking for employment, or maybe even a career change, a seasonal holiday position is a great option. From knocking the rust off skills to possibly receiving a full-time position, there are many great opportunities out there. Don’t snuff the idea of being one of Santa’s helpers this season; you never know where it might get you.

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