Monday, September 10, 2007

What Are Interest Rates Going To Do? 9/10/07

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, September 10, 2007

Presentely Market Conditions Are
In the first decline since 2003, the Labor Department reported on Friday that U.S. employers cut back non-farm payrolls in August by an estimated 4,000. This does not take into consideration the large numbers of layoffs experienced by mortgage companies in recent weeks. The unemployment rate managed to hold steady at 4.6 percent. The question on everyone's mind is now, how will the Fed react to this news?

My Expectations Are
Most economists believe the Fed has the data it needs to support a rate cut at the September 18th meeting of the Federal Open Market Committee. Avery Shenfield, senior economist at CIBC World Markets has been quoted by MarketWatch as having said, “This makes it a no-brainer decision for the Fed in September. It is the last piece of economic evidence that the Fed needs to provide relief to the credit markets.” Some economists speculate the Fed may cut rates not only at next week's meeting but at the next two FOMC meetings.

My Guidance For You Is
As the markets hold their breath to see exactly what the Fed will do next week, it is still vitally important for a savvy consumer to follow three basic steps: 1) Identify a quality source of information, 2) Identify a knowledgeable professional and listen to their advice so that proper timing and execution are achieved, and 3) Tap into the resources of a skilled professional to insure you are making sound financial decisions.

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