Monday, December 31, 2007

What Are Interest Rates Going To Do? 12/31/07

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 31, 2007

Presently Market Conditions Are:
Stocks opened lower this week starting off with the last trading day of the year, as investors awaited more housing data. Markets closed mixed Friday, after a turbulent week of low volume sessions, as housing and other economic concerns erased hopes of a year-end rally. The National Association of Realtors reported Monday that sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units.

My Expectations Are:
Economists were calling for home sales to either move up slightly or hold steady for November. Stronger consumer spending and an increase in the core price deflator in November caused long-term bond yields to inch up over the end of last week and beginning of this week. As a result, mortgage rates followed. Offsetting some of the impacts from the inflation numbers, however, was a decline in November's index of leading economic indicators and a weak manufacturing report in Philadelphia for December according to Frank Nothaft, Chief Economist for Freddie Mac. Look for rates to hold relatively steady throughout the week.

As Your Trusted Advisor For Life, My Guidance For You Is:
With the Christmas Holiday wrapping up and the market waiting for the post holiday reports, now is a great time to secure your financing with your mortgage professional. They will guide you toward the best mortgage product to meet your financial goals for the New Year.

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Jeffrey S Stanton
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