What Are Interest Rates Going To Do? 1/21/08

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, January 21, 2008

Presently Market Conditions Are:
The stock markets overseas dropped Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession. Investors dumped shares because they were skeptical that an economic stimulus plan President George W. Bush announced Friday would shore up the economy that has been battered by problems in its housing and credit markets. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending.

My Expectations Are:
According to Freddie Macs chief economist Frank Nothaft, mortgage rates moved down across loan products for the third consecutive week. Average rates on 30-year fixed-rate mortgages (FRMs) and 15-year FRMs both came down by around 0.2 percentage points and are at their lowest since July 2005.

As Your Trusted Advisor For Life, My Guidance For You Is:
With rates moving to their lowest point since 2005, now is an excellent time to secure home mortgage financing. Consult your local mortgage professional for answers to your financial needs.