Monday, November 20, 2006

So What Are Interest Rates Going To Do? 11/20/06

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, November 20, 2006

Present Market Conditions
Conflicting economic data continues to confound observers of the U. S. economy. Mondays report showed leading economic indicators rose 0.2% in October. The rise was slightly below expectations indicating the economy should continue to expand at a slow pace even with housing starts down to their lowest level in over six years.

Thursdays report from the National Association of Homebuilders showed the confidence to be on the rise for the second straight month after 8 consecutive declines. Many economists feel that the worst is over for the housing market. "More and more builders are seeing light at the end of the tunnel," said David Pressly, president of the NAHB and a builder based in Statesville, N.C. "We look for sales to stabilize and gradually move up in the coming months."

Mortgage rates retreated slightly this past week, and remain very close to 40 year lows. 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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