Mortgage Rate Update – Week of April 6, 2009
posted in Mortgages, Smyrna Vinings Real Estate |The week in review:
As we predicted in last week’s update, a technical accounting rule called “mark-to-market” was modified. Also, the Department of Labor’s Jobs Report showed a large loss of jobs but was not as terrible as some predicted. As a result, home loan rates increased about .25% on the week. If you had a transaction in process, hopefully you took our advice to lock-in by mid-week.
What to expect:
We have a slow week in store for economic reports and a holiday-shortened week for the markets. However, that does not mean we could see big changes during the week.
The US will be selling a large quantity of notes and bonds this week to fund the multiple stimulus packages. If investors eagerly purchase the investments, rates would improve. However, if investors are not so interested, rates could move up in a hurry.
Breg-ometer:
Next 7 days: Rates should improve slightly
Next 30 days: Expect rates to be in the same general range
Next 90 days: Neutral
Courtesy of:
Bob Bregitzer
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