Mortgage Rate and Market Recap for the Week of July 29th – August 3rd, 2008
Employment Brings Concerns
This last week had a ton of economic information. The week kicked off with President Bush singing the Housing Bill on Monday. This in itself helped jump start the week. Overall, economic news was weak – but not as horrible as the market had expected (yes, seriously).
What Did Those Reports Say?
Each week, I put up an economic calendar of news coming out that following week. Here’s the results from last week:
(Click to Hugisize)
What Impacts Mortgage Rates?
If you’re looking to purchase or refinance a home, it’s important to know what moves mortgage rates. There are normally two major things that impact the direction:
- Economic News. (That’s these calendars).
- International News. (major events, war related, etc).
- Stock Market. (Money flows from equities (stocks) to bonds when it seeks shelter).
What Are Rates Based On?
It’s been mentioned before, but as a common reminder – mortgage rates are only based on one thing. Mortgage Backed Securities (MBS). The only way you have access to these is through live bond quotes.
Looking For Mortgage Rates?
If you’re looking for specifically what mortgage rates are doing, I’d be happy to help with a custom rate quote. Each scenario is different (there are 27 different factors a mortgage rate is determined by). If you or someone you currently know are looking for a mortgage, I’m here to help!
Information without obligation. That’s my policy. If you like what you hear, my team would love to help!
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