Monday, February 02, 2009

What Are Interest Rates Going To Do? 2/02/09

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, February 02, 2009

Presently Market Conditions Are:
After a few ups and downs, mortgage rates ended the week basically unchanged. The Fed met Tuesday and acknowledged they would not lower rates but will continue to buy mortgage backed securities and use other measures to assist the market and keep rates low.

My Expectations Are:
There is a lot going on this week. Monday’s economic data begins with Construction Spending, Personal Income & the ISM Manufacturing Index. Tuesday, Pending Home Sales, Thursday, Jobless Claims followed by the much anticipated Employment Report out on Friday. Initial estimates indicate a loss of 500K jobs for January. If December and January are any indication (the Fed has been purchasing mortgages at the beginning of each month), rates may ease ever so slightly. And don’t look for the refinance boom to go away anytime soon. $30 billion of pay option ARMS are due to reset this year according to Fitch Ratings, a New York-based ratings company.

As Your Trusted Advisor For Life, My Guidance For You Is:
cHousing prices continue to become more and more affordable and rates seem to be holding steady. Now is the best time to meet with your mortgage professional to discuss a mortgage solution that meets your financial goals.

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

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