Mortgage Market and Rate Watch For Week of September 29th, 2008

What To Watch This Week?

Reactions.  The Emergency Economic Stabilization Act of 2008 has been released for the public to see.  It isn’t necessarily in it’s final form, but it’s a good look at what things might be.  As soon as the market opens, we’ll see traders letting everyone know what they think.  I’d count on the stock market having a good day.

Besides all of the reactions to the new financial bill, there are also a TON of economic reports coming out this week.  If I had to pick a couple of things to watch, they would likely be:

1. Personal Consumption Expenditures – Monday – This happens to be the Fed’s favorite way to measure inflation.  Not only is the monthly report coming out on Monday, but the year over year figures are also coming out.  If inflation is high, count on mortgage rates increasing.  Potentially a lot.
2. ADP Employment Report – Wednesday – What better way to determine how the economy is doing other than how strong employment figures are.  Estimates are already calling for a 33k loss of jobs.  If things come in worse than expected, it could be good for rates.  The inverse is also true.
3. Unemployment – Friday – Again, employment figures are important.   As a rule of thumb, strong news means bad news 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 conditions, Forecast, Inflation, Market, Mortgage, Rate, rate watch