Mortgage Rate Update – Week of November 17, 2008
posted in Mortgages, Smyrna Vinings Real Estate |Welcome back!
The week in review:
As expected, the Friday’s Retail Sales Report showed that overall retail sales fell for the fourth straight month. We also received word from several retailers that warned about future earnings. Bad economic news usually causes rates to go down. However, despite the bad news, home loan rates went up by about .125% last week.
What to expect:
There will be a number of reports and news items for the markets to digest this week. None are bigger than the Consumer Price index. As I’ve said in many of my rate updates, low inflation = lower rates. Could this finally be a report to drive rates lower? Well, I would have to assume by all the price reductions I see from a broad range of product and service providers that inflation is lower than previously reported. We’ll have to wait and see.
Breg-ometer:
Next 7 days: There are plenty of reasons to feel rates should be slightly lower
Next 30 – 90 days: Neutral
Courtesy of:
Bob Bregitzer
[where: 30339]
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