Rate Update

Its been a wild week for bonds and stocks. With the biggest news being that the Fed will continue to purchase Mortgage Backed Securities into spring of 2010. Their hope is that rates gradually trend up rather than rise sharply towards the end of the year. This should help conventional mortgage rates stay in the 5% to 5.5% until the first part of next year.

Today mortgage rates are up a little bit. The housing numbers that were released today showed continued signs of improvement. Remember as the economy starts to improve rates will increase as a way to fight off inflation.

I recommend locking today. Have a great weekend.

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Rate Update

Both the bonds and stocks are relatively flat today, as the market seems to be in a holding pattern. This is a light week for economic news so the biggest drivers will be the Treasury auction results and the Fed statement and rate decision which is coming tomorrow.

For all of our real estate partners there is some big news on the change to Good Faith Estimates, from RESPA. I will have some details later this week.

Today I recommend locking, have a great week.

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Rate Update

Bonds are down this morning which means we will see an small increase in rates. As is common the stock market is having a good day and money is coming out of bonds and into stocks. However stocks seem very volatile these days and we could see them pull back before the day is over.

Also there is some big changes coming on Good Faith Estimates from RESPA. I am currently putting together a brief summary of the changes for you. While there are some positives about the change, there are also some huge negatives that are detrimental to the consumer. These changes don’t go into effect until Jan 1, 2010.

I recommend locking this morning. Have a great weekend.

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Rate Update

The market is getting a mixed reaction with some economic numbers being a little higher than expected. This includes Consumer Price Index and Industrial Production. However the big fuel for the stock market is Warren Buffet saying the economy has bottomed out. Mr Buffet is a market mover in many ways.

All of these things haven’t been a positive for bonds or mortgage rates. However we are still in a good spot to lock in.

I recommend locking today.

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Rate Update

As we talked about earlier in the week, there wasn’t a lot of economic news that would affect mortgage rates this week. In spite of that bonds had a nice week of gains, which is good news for interest rates. We have finally broken thru the floor that has stopped mortgage rates a number of times in the last few months. However this could be very short lived as there is big news coming out next week.

Today Consumer Sentiment came in better than expectations, typically that would be a negative for bonds however they are holding on to their gains.

I recommend floating, but would be ready to lock at anytime.

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Rate Update

Bonds and rates are flat today, as stocks climb higher on the news that GE was upgraded by JP Morgan.

There isn’t a lot of economic news coming out this week however today’s Treasury auction on bonds could move rates.

I recommend locking today as we have seen these levels before and they don’t stay around long.

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Rate Update

The stock market has seen a slide downward in the past few days and there has been a positive reaction from bonds and mortgage rates. The main economic factor that is holding us back from a full recovery is the employment numbers. Again today the ADP employment numbers came in worse than expectations. But the productivity numbers were in line with expectations. This shows that businesses are maximizing productivity, without adding employees. Efficiency is a positive from an inflation standpoint, which is another good sign for bonds.

Today I recommend locking as we are at a floor that we have hit many times in the past months.

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