Mortgage Market and Rate Watch For Week of August 11th, 2008
What To Watch This Week?
There’s always a lot going on throughout the week. The good news is there are usually just a couple of things that are big market movers. The bad news is sometimes a report will come out that totally shifts things. Like last week when Fannie Mae announced they lost $2.3 Billion.
So, these are the two reports (If I had to pick) that will likely move the market this week:
- Retail Sales – Wednesday – This will give us a feel for how consumer spending is coming along. If things come in stronger than expected, stocks will rally and money will fly from bonds to stocks (greedy traders). If things come in weaker than expected, count on mortgage rates to improve.
- Core Consumer Price Index (C-CPI) – Thursday – This report happens to be one of the Fed’s favorite ways to measure inflation. If things creep up higher than expected, look for mortgage rates to increase. If it comes in on target or better, mortgage rates will likely hold or improve slightly. The big concern is things coming in too hot (that’s Tyler talk for high), then traders might quickly sell of mortgage backed securities. That would result in a higher mortgage rate for consumers.
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.
