Monday, May 21, 2007

What Are Interest Rates Going To Do? 5/21/07

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, May 21, 2007

Presently Market Conditions Are:
The Dow Jones Industrials ended the week on an all-time high. With investors focusing on blue-chip mergers and acquisitions, the buying fever led to record highs. More good news was reported last week as the Labor Department announced that jobless claims fell for the fifth straight week. The number of new filings fell by 5,000 in the week ended May 12th. This brought claims to their lowest level since January. The four-week average, which is considered the better model of underlying trends, fell 12,000 and was the lowest level since the week ended April 2006.

My Expectations Are:
The Consumer Price Index rose a smaller-than-expected 0.4 percent in April. Stephen Stanley, Chief Economist for RBS Greenwich Capital Markets, was quoted by MarketWatch as saying, “The moderation in housing costs ‘is one of the most significant developments on the inflation front in a long while.’ If the good news persists, ‘then core inflation will probably turn out better than we have projected’ and the Fed will have ‘more room to ease in the event that we are wrong ‘about the economy bouncing back.”

As Your Trusted Advisor For Life My Guidance For You Is:
Existing home sales in the first quarter were up 2.4 percent over the fourth quarter of last year. In addition, the average pace of mortgage applications for home purchases over the first two weeks in May was the strongest since January 2006. Conditions for home purchases are ideal. Capitalize on this exceptional season by seeking the assistance of a qualified professional consultant.

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Jeffrey S Stanton
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