Monday, October 23, 2006

So What Are Interest Rates Going To Do? 10/23/06

How often do we hear that question?
"So What Do You Think Interest Rates Are Going To Do?"
Here is a customer focused report for Mortgage Market Direction

Week of: Monday, October 23, 2006

Present Market Conditions
The Stock Market entered record territory again Thursday with the Dow closing over 12,000 for the first time ever; 19 years to the day after the crash of 1987. Additionally, the Conference Board reported that the index of leading economic indicators rose 0.1% in September and that there was stronger than anticipated data from the employment and housing sector

Prior to the release of Thursdays data some economists had predicted that there was a possibility the Fed may lower short term rates at this weeks Fed meeting. "This has been a week of data reports that have been stronger than the market anticipated," said Thomas di Galoma, head of Treasury sales at Jefferies & Co. Everyone had assumed the Federal Reserve would ease on rates, but now there is strong data" indicating otherwise.

Mortgage rates remain effectively unchanged ahead of the Fed meeting Wednesday. These tremendously low mortgage rates coupled with an abundance of available homes make this a terrific time to purchase a home or refinance a mortgage. As always, staying informed of movement in financial markets and having the assistance of a professional consultant will enable you to take full advantage of the mortgage market

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