Atlanta Mortgage Rate Update – Week of July 13, 2009
posted in Mortgages, Smyrna Vinings Real Estate |Welcome back!
The week in review:
The big story last week was that continuing unemployment claims – which measure the number of people who still receive jobless aid after their initial week – rose by 12,000. Bringing the number of Americans receiving unemployment benefits to a new record high. Since bad economic news is usually good for mortgage rates, we saw rates drop by about .125%.
What to expect:
Rates have come down quite a bit from their highs approximately two months ago. We feel a reversal in the downward trend is possible at least in the short-term. Our recommendation this week is lock-in any existing transactions at the beginning of this week. The rate environment may stabilize and resume the downward trend but there are multiple reasons to believe home loan rates will rise.
Breg-ometer:
Next 7 days: Rates most likely to rise
Next 30 days: Will experience high volatility with rising rates possible
Next 90 days: Neutral
Courtesy of:
Bob Bregitzer
[where: 30339]
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