Monday, April 27, 2009

What Are Interest Rates Going To Do? 4/27/09

Dear Real Estate Friends,

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, April 27, 2009

Presently Market Conditions Are:
The Federal Reserve policy to keep rates low seems to be working. The 30- year, fixed rate benchmark has remained under 5.5% since February with little change last week. This obviously has the attention of homeowners as according to the Mortgage Bankers Association, four out of five mortgage applicants are seeking to refinance their homes at today’s low rates.

My Expectations Are:
As indicated in a speech last week by Fed Vice Chairman, Donald L. Kohn, “it appears that some of the forces that had been holding down growth are starting to abate. In particular, the recent data suggest that the multiyear contraction in home sales and new construction may be nearing an end. At the same time, the improved affordability of homeownership resulting from reduced house prices, low mortgage interest rates, and government programs (including incentives for first-time homebuyers) should boost demand.” It’s a busy week of economic indicators but look for that data to be overshadowed. Massive Treasury auctions begin Monday and may have a bearing on mortgage rates as MBS yields struggle to compete with Treasury yields for investors. Additionally, the Fed’s announcement will be released at 2:15 on Wednesday and is highly anticipated as to its impact on mortgage rates.

As Your Trusted Advisor For Life, My Guidance For You Is:
Low rates, affordable housing and tax credits make this an attractive purchase or refinance market. Meet with your mortgage professional today to discuss your financial goals and structure a plan to meet your needs.

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

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Jeffrey S Stanton
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