Monday, December 10, 2007

What Are Interest Rates Going To Do? 12/10/07

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

Week of: Monday, December 10, 2007

Presently Market Conditions Are:
Consumer Sentiment fell in early December to its lowest point since October 2005. The sentiment is being impacted by high energy costs, stock market volatility and a weaker housing market. However, average hourly earnings jumped 0.5% last month while the unemployment rate was unchanged at 4.7%. On balance, the mixed report supports the likelihood of a quarter point, to possibly a half point, rate cut by the Fed this week.

My Expectations Are:
Stocks are looking for gains at the beginning of the week due to jobs posting stronger than expected. This leads to the direction that rates could be on the rise. However, there are three November reports due later this week which could cause rates to hold pending their outcome. The Producer Price Index and Retail Sales are due Thursday and the Consumer Price Index is due Friday.

As Your Trusted Advisor For Life, My Guidance For You Is:
With rates finishing well at the end of last week, this emphasizes the fact that now is a great time to purchase or refinance. Contact your local mortgage professional for personal guidance.

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