Mortgage Market and Rate Watch For Week of September 8th, 2008

What To Watch This Week?

Reactions.  As you may have heard, Fannie Mae & Freddie Mac have been seized by the government.  They announced (officially) that they would be taking over this weekend.  That means the market will be reacting to the news on Monday.  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.  This will definitely be a market moving piece of information.

The rest of the week there are big economic reports coming out, but honestly – all of them are in the shadow of the big news.  Only time will tell how the markets will react.

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. Reaction to Fannie and Freddie Bail-Out – Monday – Since the Fed has unveiled their plan to bail out Fannie Mae and Freddie Mac, it will be interesting to see how the markets react.  On Friday, the stock market started rallying on speculation that this news would come over the weekend.  I personally (again, my opinion) don’t think it will truly be felt in the market until Monday.  IF the stock market rallies, mortgage rates will likely take the hit as money flows out of bonds and into stocks.
2. Retail Sales – Friday -Friday’s Retail Sales report will give us an opportunity to see where our consumer spending is at.  If the economy is slowing (duh), we’ll see lower retail sales numbers.  Watch closely where numbers come in at relative to estimates.  If things come in higher than expected, expect mortgage rates to move higher.  The inverse is also true.  Stay tuned.

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: Consumer sentiment, core producer price, Economic News, Inflation, mortgage market, Mortgage Rates, PPI, Retail Sales