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Text Size 
Jan.21
4:32 PM ET
Wednesday, 21 Jan 2009
Toll's Big Discount & Jamie Dimon's Big Stake
Posted By:Bob Pisani
Topics:Investment Strategy | Stock Market
Companies:Bank of America Corp | JPMorgan Chase and Co | Toll Brothers Inc.
Buy our house, get a cheap mortgage.
After the close, Dow Jones is reporting that home builder Toll Brothers [TOL
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] announced that they were offering a 30-year fixed rate mortgage for 3.99 percent, a full percentage point below the current rate.
Is that important? Yes.
Take a $300,000 mortgage at the current rate of 5 percent: the monthly payment is $1,610. At 3.99 percent, that $300,000 mortgage is $1,431, a differential of $179, a yearly savings of $2,148.
That is significant. Look for more creative ideas like this got get home buying going.
JP Morgan [JPM
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] trading up 3 percent after the close as CEO Jamie Dimon says he bought 500,000 shares of JP Morgan recently.
Move over, Ken Lewis [BAC
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] .
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