Smyrna Mortgage Rate Update – Week of December 1, 2009
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The Week in Review:
“The World is Flat” by Thomas L. Friedman is a book that demonstrates through stories and anecdotes that our world is evolving into one economic platform. His theory held true last week when surprising news about Dubai hit the news wires. Dubai World, a government-run company, requested a repayment delay with its creditors. The announcement created fear that a default could cause a ripple effect throughout the world. As a result, worldwide investors moved funds into the US Bond markets because the US market is considered one of the safest.
Home loan rates decreased about .125% on the week.
What to Expect:
Everyone will be keeping an eye on the developments in Dubai. A default could prolong the financial crisis and will impact our markets.
Here at home, we have two manufacturing reports out early in the week and the Department of Labor’s Jobs Report out on Friday. Each of these will shed some light on how our economy is progressing. Good economic news generally causes home loan rates to increase.
Breg-ometer:
Next 7 Days: Rates are at 2009 lows. A reversal higher is possible.
Next 30 Days: Rates should still be in the same range.
Next 90 Days: Rate higher
Courtesy of:
Bob Bregitzer
Southeast Mortgage
[where: 30339]
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