Mortgage Rate Update – Week of March 9, 2009
posted in Mortgages, Smyrna Vinings Real Estate |Welcome back!
The week in review:
Last week’s big news was the weak jobs report showing that 651,000 jobs were lost in February. The stock market certainly did not like the news and closed below 7,000 for the first time since 1997. Poor economic reports and a falling stock market usually lead to lower home loan rates and last week rates improved by about .125%.
What to expect:
This week is relatively quiet in terms of scheduled economic reports, but that does not mean we will not see home loan rates move during the week. This week we will see the stock market struggle to find a bottom, details of the 2009 economic stimulus plan continuing to be unveiled and the market will cope with the current economic environment. With so many factors in play, home loan rates could move either direction this week.
Breg-ometer:
Next 7 days: Rates may slightly improve
Next 30 – 90 days: Rates will be change often and swiftly; overall may see rates down
Courtesy of:
Bob Bregitzer
[where: 30080]
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