Monday, July 28, 2008

What Are Interest Rates Going To Do? 7/28/08

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, July 28, 2008

Presently Market Conditions Are:
Consumer Confidence, Durable Goods Orders and New Home Sales all exceeded the consensus forecast and that was good for the economy but tends to push mortgage rates higher as we saw last week. The single most influential contributor to the boost in Consumer Confidence is attributed to falling energy prices. The big subject of conversation presently is how the proposed Housing Bill will affect the housing market.

My Expectations Are:
Mark Zandi, chief economist at Moody's says that while this legislation is not a miracle cure, a defeat "would have been catastrophic." He expects housing to bottom out by May '09 and begin a gradual recovery. The chief economist of the National Association of Realtors (NAR) believes that the Housing Bill will play a major role in helping the housing market to rebound. In particular, he expects the first-time homebuyer tax credit of up to $7,500 to boost future home sales.

As Your Trusted Advisor For Life, My Guidance For You Is:
Rates are jumping around a little but fortunately still within a tight range and are still historically low. It’s a great time to purchase or refinance so contact your mortgage professional and leverage their knowledge and expertise to structure a mortgage solution that meets your clients financial objectives.

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