Monday, March 17, 2008

What Are Interest Rates Going To Do? 3/17/08

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, March 17, 2008

Presently Market Conditions Are:
The Federal Reserve, in an extraordinarily rare weekend move, took bold action Sunday evening to provide cash to one financially squeezed Wall Street investment house, Bear Stearns. This a fresh effort to instill confidence in the global markets based on problems arising from the global credit crisis. "These steps will provide financial institutions with greater assurance of access to funds," Federal Reserve Chairman Ben Bernanke told reporters in a brief conference call Sunday evening. U.S. Treasury notes rose, causing the 10-year yield to fall 10 basis points to 3.36 percent as traders bet the U.S. central bank will lower its benchmark rate by a full percentage point when it meets this week.

My Expectations Are:
Expect one of the most volatile, media hyped news weeks in recent memory. According to Freddie Mac’s Chief Economist, Frank Nothaft, “The combination of lower mortgage rates and lower house prices contributed to a more affordable market for homebuyers. The National Association of Realtors® reported that January’s Pending Home Sales Index held unchanged from December, contrary to the consensus expectation of a one percent slide, signaling that existing home sales in February could hold steady from January’s level.”

As Your Trusted Advisor For Life, My Guidance For You Is:
Now is the time for consumers to consider taking advantage of historically low mortgage rates and attractive housing prices. Contact a respected mortgage professional to ensure you structure a solution tailored to compliment all your financial goals.

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