Excerpt from: Flagstaff Mortgages
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| June 21, 2009 | | Rates are still at levels that should be considered very favorable to the housing market but they are headed up! |  Compliments of MMG Weekly - Click for Details! Home loan rates were up again last week in spite of some improvement early in the week. At the beginning of the week, inflation readings came in lower than expected, with a year-over-year reading at its lowest level since 1950. Indications that the economy is still very weak came through early with the announcement of a manufacturing index at lower levels than economists expected. This pushed rates lower at the beginning of last week – it would have been a good time to lock your mortgage rate if you were in escrow to buy a home!
Mid-week, rates rose and ended the week higher than at the outset. The stock market rose, taking money out of bonds and bond supply continued to pour onto the market to finance the massive government stimulus. Housing news was better than expected, indicating the economy may be stronger than thought by the markets earlier in the week. All of this drove rates higher.
The coming week is likely to be just as volatile as there will be several major announcements about how housing and the economy in general are doing. Overall, however, rates are on the rise. Now is the time to buy a home and lock your 30-year home loan for the inflationary future that is not too far away.
Be in touch with your mortgage lender to make sure you don't miss the right moment to lock your rate! | |
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