Monday, October 13, 2008

What Are Interest Rates Going To Do? 10/13/08

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, October 13, 2008

Presently Market Conditions Are:
Mortgage rates normally decline with a downturn in the stock market however this week prices paid for mortgage-backed securities also dropped pushing mortgage rates moderately higher. Banks are still too nervous to lend freely to one another, and that's causing credit markets around the world to seize.

My Expectations Are:
“Central banks will continue to work together and are prepared to take whatever measures are necessary to provide sufficient liquidity in short-term funding markets,” the Federal Reserve said in a statement on its website. Central banks around the globe cut interest rates Wednesday in a coordinated move. The Federal Reserve lowered its federal funds rate a half point to 1.50%. Meanwhile, central banks in the United Kingdom, European Union, Switzerland, Sweden, China, and Canada trimmed lending rates as well.

As Your Trusted Advisor For Life, My Guidance For You Is
Mortgage markets will be closed on Monday in observance of Columbus Day. Stock markets will remain open. As always, consult a trusted mortgage advisor to assist in securing mortgage options that meet your clients specific financial needs.

On Your Team.
Jeffrey Stanton
Your Trusted Mortgage Advisor For Life

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Jeffrey S Stanton
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