Mortgage Rate Update – Week of November 3, 2008
posted in Mortgages, Smyrna Vinings Real Estate |Welcome back!
Month in review:
The rollercoaster ride continues. The month of October brought some of the widest weekly swings I’ve ever seen. Here is a quick summary of the 30 year fixed average rates.
October 2008 weekly mortgage rates data*:
Oct. 30: 6.46 %
Oct. 23: 6.04 %
Oct. 16: 6.46 %
Oct. 09: 5.94 %
Oct. 02: 6.10 %
A .50% rate movement in a week is becoming the norm. Will the trend continue?
What to expect:
Yes, it will continue as our volatile markets show no signs of stability yet. This should be an interesting week. First, we have a little event known as the presidential election. Emotions will be running high and the outcome could move the markets either way. Secondly, we find out at the end of the week how our labor market is holding up. Everyone, including Joe the plumber, is guessing we’ve lost more jobs. Generally speaking, this would translate into lower home loan rates.
Our current financial condition should cause home loan rates to drop. However, once again this week, we have events taking place that could make rates go either direction.
Breg-ometer:
Next 7 days: Lower (Disclaimer: if the stock market makes big gains because of election results, expect the opposite)
Next 30 to 90 days: Lower
* – Source: Freddie Mac weekly mortgage market survey
Courtesy of:
Bob Bregitzer
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