Monday, January 19, 2009

What Are Interest Rates Going To Do? 1/19/09

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 19, 2009

Presently Market Conditions Are:
The latest results of Freddie Mac’s weekly survey showed 30 fixed-rate mortgages averaged 4.96 percent, down from the previous week at 5.01. The 30-year FRM has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971. "Interest rates for 30-year fixed rate mortgages fell for the 11th straight week to another record low, due in part to the slowing economy and government actions," said Frank Nothaft, Freddie Mac vice president and chief economist.

My Expectations Are:
This week will be light for economic data. The mortgage markets will be closed Monday in observance of the Martin Luther King holiday and government offices will be closed Tuesday for the inauguration of Barack Obama. Housing starts and jobless claims are on the economic calendar for Thursday. According to the National Association of Realtors, housing starts continue to decline as homebuilders try to contend with an inventory of unsold homes. “Starts and permits will continue to drop over the first half of this year,” said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts. “A second half rebound is likely, provided financial markets continue to thaw and interest rates remain low.”

As Your Trusted Advisor For Life, My Guidance For You Is:
Whether considering a refinance or purchase, now is an incredible time to take advantage of rates at historic lows and affordable housing. Consult your mortgage professional today to structure a mortgage solution to meet your clients financial needs.

On Your Financing Team.
Jeffrey Stanton ITI, CLC, CNE, WOW
Your Personal Mortgage Consultant For Life.

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