Monday, April 09, 2007

What Are Interest Rates Going To Do? 4/09/07

You like me are asked this question often. "What Do You Think Interest Rates Are Going To Do?" You know, now here is a customer focused report for Mortgage Market Direction.

Week of: Monday, April 09, 2007

Presently Market Conditions Are:
The Labor Department reported last week that 180,000 new jobs were created in March and the unemployment rate unexpectedly fell to 4.40%. This jobless rate matches the October number, which was the lowest in nearly six years. The dollar surged after the report was released. Also, U.S. consumer debt grew by 1.5% in February which was also its slowest pace since October. Economists were expecting consumer credit would rise by much more.

My Expectations Are:
"The report is a nail in the coffin of doomsayers who predicted the economy was going down for the count. It knocks out analysts who were predicting recession," said Stuart Hoffman, chief economist for PNC Financial Services in Pittsburgh. The data also cooled market expectations of a rapid reduction in interest rates by the Federal Reserve as wage growth is a major concern of Fed policymakers. However, this same growth in wages may support consumer spending.

As Your Trusted Advisor For Life My Guidance For You Is:
Mortgage rates have remained within a 0.1 percentage point every week in March. An additional glimmer of hope came last week from an unexpected increase in pending home sales for February, which suggests the housing market is still healthy. To ensure you capitalize on this excellent scenario, always seek assistance from a qualified, professional Loan Officer.

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