Mortgage Rate Update – Week of July 28, 2008
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Week in review:
Michel de Montaigne, an influential writer of the French renaissance once wrote “The world is but a perpetual see-saw”. While I’m sure life in the 1500’s had its share of highs and lows, he never witnessed the ups and downs we are experiencing in our current financial markets.
Last week we saw home loan rates move lower three of the five business days and move higher the other two days. By the markets close on Friday, rates ended the week down about .125%. Mortgage rates attempted to move lower after a significant increase the week before. However, several better than expected economic reports on Friday stopped rates from improving more during the week.
What to expect:
Inflation continues to be the driving force causing interest rates to be on a higher long-term trend. However, in the short-term, rates are trying to make a move lower. Several economic reports out at the end of this week could set the direction for interest rates over the next 30 days.
The Department of Labor’s jobs report is out on Friday. Weak economic news is good for interest rates. So, if the report shows high unemployment, we could see rates down this week. If the report shows strength in employment, we could see rates drift higher.
Breg-ometer:
Next 7 days: Choppy, possibility for lower rates
Next 30 day: Neutral
Next 90 days: Higher
Courtesy of:
Bob Bregitzer
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