Mortgage Market and Rate Watch For Week of July 21st, 2008

What To Watch This Week?

On first look, this week may seem like a slow news week.  Truth is, it will play a big part on if we’ll see mortgage rates reverse into a positive motion or if rates will continue to slowly trend upwards.

As always, if I were to pick two big reports or news stories to look at this week, these would be the two I’d pick:

1. Beige Book on Wednesday.  The Beige Book is a Fed survey that is also known as the Survey on Current Economic Conditions.  This report is only released 8 times per year by the Federal Reserve Bank.  This report is released two weeks before a Fed Open Market Committee (FOMC) Meeting.  This report is a combination of interviews with business contacts, economists and market experts.  Some consider this report a ‘lagging indicator’, meaning it’s not very accurate of showing current conditions.  This report is going to have a HIGH effect on the market because it will give traders an opportunity to look into the information the Fed will be using to make their next policy decision.
2. Consumer Sentiment Index on Friday.  This is much like the consumer confidence numbers.  If consumer spending is up, so is the CSI.

You Can Stay Updated!

I’ll be following things as they happen with live bond quotes and do what I can to keep everyone informed through Twitter. My clients always get the advice first, so I’ll try to filter though as quickly as I can.

Here’s this week’s economic calendar:

(Click to Hugisize)

As a Consumer, How Do You Keep Posted on the News?

I’ll do my best to keep you posted throughout the week via Twitter. If you’re interested in finding out more about what effects mortgage rates and which direction they’re headed, feel free to follow me!

Work With Mortgage Professionals In The Advice Business

It’s important to recognize that advice is extremely valuable when looking for a mortgage. The right advice can literally save you thousands of dollars, while the wrong advice can cost you the same.  Some mortgage professionals really don’t know what mortgage rates are based on, period.  If you want to get the best deal, having a professional that can give you that type of advice is extremely important.

Why Am I Posting A Calendar?

I provide this weekly news update because too often when we’re shopping around, we ask the wrong questions. The first thing you’ve got to have your antenna up on is economic news if you want to have any idea what direction rates are moving.

So You Say, What Are Mortgage Rates Currently?

I get this question all too often. If I’m being fair.. and honest (which is my policy). I would be doing you a huge disservice to just quote a rate.

Truth be told, there are literally 27 different factors that go into a custom rate quote. There are also thousands of programs (constantly changing as well). It’s extremely important that you are educated on what is available and most importantly what is the best mortgage plan for you to personally implement.

It’s natural to have a list of questions. I’d love to help work through them with you and educate you on what you need to know about the mortgage process. I can help with everything from how to pre-qualified to what to do after closing (where I will continue working for you)!

It’s what we do, and it would be my honor to add you to our list of raving fan clients. If you’re currently looking for a mortgage loan or know someone that might have questions about one, please have them contact me. I’d be happy to assist them. It’s literally what I love doing! I promise to take great care.

Original Photo Kudos.

Tagged as: beige book, Bonds, calendar, Economic, Mortgage, Rates