Mortgage Market and Rate Watch For Week of September 1st, 2008

What To Watch This Week?

So, it’s already Tuesday.  As you know, because of Labor Day, this week is a short week.  Many of the traders on Wall Street took last week off for an extended weekend.  This week they’ll be back in and trading again.   This could introduce some pretty intense volatility.

It only takes one report or ‘hot topic’ to make the market move dramatically.  If you’re not tuned into this news, feel free to follow me on Twitter.  I’m always updating a few times throughout the day.

Besides all of the day to day market activity, there are also a bunch of economic reports coming out.  If I had to pick two reports that would likely move the market this week, they would likely be:

1. ADP Employment Report – Wednesday – Employment is always a great way to measure how the economy is doing.  If things are strong, it’s good for the economy (but not great for mortgage rates).  If you’re wanting to see an improvement in mortgage rates come Wednesday, silently root for a scary employment number!  Expectations are a loss of 30,000; so they’re already expecting a not so sexy number.. how much worse could it get?.. Wait till Wednesday and we’ll see!
2. Unemployment – Friday – Like I mentioned above, employment is a big ‘tell’.  Nationally, we currently have a 5.7% unemployment rate.  It’s expected to remain unchanged.  If it comes in uglier than expected, that could be a good thing for mortgage rates.

You Can Stay Updated!

I’ll be following things as they happen with live mortgage 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:

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: Economic News, employment, Mortgage, Rates, Unemployment