Monday, February 23, 2009

What Are Interest Rates Going To Do? 2/23/09

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 23, 2009


Presently Market Conditions Are:
The market remained largely unchanged last week. The bulls and bears slugged it out with the bears taking the lead as the stock market reacted poorly to the signing of the stimulus package. Investors went to the safety of government bonds once again but are hesitant to buy mortgage backed securities without huge government guarantees. According to Cameron Findlay, chief economist for LendingTree.com, "It's the risk premium," he says. "People are saying, 'I want the safety and security of Treasuries but not mortgages.”

My Expectations Are:
Don’t expect the news this week to spur any more confidence due to the economic calendar. Reports on consumer confidence, consumer spending, existing and new home sales are all expected to be lackluster. The corporate sector indicates more layoffs coming which will continue to push jobless claims to new record highs. It is undetermined what impact this pressure will have on the mortgage market and expert opinions are mixed.

As Your Trusted Advisor For Life, My Guidance For You Is:
Rates are amazingly low and housing prices are down substantially. With incentives for first time homebuyers this is a great time to purchase. Consult with your mortgage professional to determine the best options for your clients financing needs.

On Your Financing Team.
Jeffrey Stanton ITI, CLC, CNE, WOW
Your Personal Mortgage Consultant For Life.
347-466-3047

Posted by Jeffrey S. Stanton, ITI, CLC, CRLS, CHCLS, WOW at 7:43 AM

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