You like me are asked this question often. "What Do You Think Interest Rates Are Going To Do?" Now here is a customer focused report for Mortgage Market Direction:
Week of: Monday, September 17, 2007
Presently Market Conditions Are:
The Commerce Department reported on Friday that U.S. retail sales increased by 0.3 percent in August but all of the gains were for auto purchases. When taking auto sales out of the equation, sales fell 0.4 percent. Some economists take the auto sales numbers as good news because typically purchasing big ticket items takes confidence on the part of the consumer. As the September 18th meeting of the Federal Open Market Committee quickly approaches, economists are closely analyzing the consumer sector for signs of distress as home prices have already begun to level off.
My Expectations Are:
The market is pricing in a 100 percent chance that the FOMC will cut the overnight lending rate this week. At this point, it is merely a question of whether the cut will be .25 or .50 percent. John Norris, director of Wealth Management at Oakworth Capital Bank was quoted by CNNMoney.com as saying,"Obviously everyone wants a 50 basis point cut. If it's only a quarter of a point the market will be upset. But if the Fed cuts by 25 basis points and the language in the statement is strong enough to indicate that this is the first of many cuts to come, cooler heads will prevail.”
As Your Trusted Advisor For Life, My Guidance For You Is:
As the markets continue to hold their breath to see what the Fed will do, it is critically important for a consumer to be savvy. 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 mortgage professional to insure you are making sound financial decisions.
Jeffrey Stanton
Monday, September 17, 2007
What Are Interest Rates Going To Do? 9/17/07
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