You like me, are asked this question every. "What Do You Think Interest Rates Are Going To Do?" Now here is a customer focused report for Mortgage Market Direction:
Week of: Monday, November 26, 2007
Presently Market Conditions Are:
The Federal Reserves decision not to push rates higher on Tuesday was a turning point because its policy-making committee had raised interest rates a quarter-point each of the last 17 times it has met, dating back to June 2004. But last month Fed Chairman Ben Bernanke told a Senate committee that the economy appeared to be slowing enough to rein in inflation. Housing starts moved higher in October, after three consecutive months of decline, the U.S. Census Bureau and HUD reported. The stock market has stayed up due to the sinking dollar, which has benefited companies that depend on foreign sales. The indicator to watch most closely to gauge the likelihood of further economic deterioration is the labor market. The number of workers applying for jobless benefits fell by 11,000 recently and suggests job market deterioration has been modest. Retail sales performance over the Thanksgiving weekend is closely watched because it accounts for up to 8 percent, or roughly $40 billion, of all holiday sales, according to the National Retail Federation, the industry trade group. On Black Friday, retail sales rose 8.3 percent, the biggest increase in three years, according to ShopperTrak, a research company. However, it appears that consumers are spending more carefully due to rising energy costs, falling home prices and a tight credit market.
My Expectations Are:
Quicken Loans Chief Economist Bob Walters says the recent loosening of credit, is bringing buyers to the market and beginning to prompt builders to start on new homes. "New home buyers are benefiting from the law of supply and demand, as they take advantage of lower prices and other builder incentives, in addition to attractive long term interest rates. With the up tick in housing starts, homebuilders are also seeing the effects of loosening credit, which is helping attract buyers back into the market for a new home." Walters said.
As Your Trusted Advisor For Life, My Guidance For You Is:
Mortgage rates continue to be at historic lows. If you are considering purchasing or refinancing your home, it's critical for you to work with a professional who is committed to understanding your needs and advising you on the right loan to meet your needs.
Monday, November 26, 2007
What Are Interest Rates Going To Do? 11/26/07
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