Monday, May 11, 2009

What Are Interest Rates Going To Do? 5/11/09

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, May 11, 2009

Presently Market Conditions Are:
Rates rose slightly last week as the market reacted to positive news about the economy. Housing data released showed pending home sales rose 3% and construction spending also showed gains. Pending home sales are a lending indicator and may signal the housing market may be near the bottom.

My Expectations Are:
In Tuesday’s testimony to Congress, Fed Chairman, Ben Bernanke stated he expected economic activity to "bottom out, then to turn up later this year". April’s Employment report showed large job losses as unemployment rose to 8.9% and Bernanke expects it to peak below 10%. Typically, job market improvement lags behind market indicators signaling economic recovery. Key data to be released this week focuses on inflation reports with the Producer Price Index on Thursday and the Consumer Price Index on Friday.

As Your Trusted Advisor For Life, My Guidance For You Is:
Rates remain low and the housing market is showing signs of stabilizing. Now is the optimal time to meet with your mortgage advisor to discuss your mortgage needs. Whether you refinance your current mortgage or investigate purchasing a home, the market is in your favor.

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

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