What To Watch This Week?

There is a lot happening in the news with the US Treasury and Fed.  The auto industry is looking for a large sum of money and there’s talk about stimulating the housing market by bringing interest rates down as low as 4.5% (this would only be for purchases.. look for my post on this topic on the right hand side of the page).

All eyes are looking at the government to see what their next move will be.  Each time the government steps in and guarantees more debt, mortgage rates improve even more.  This is also why I think interest rates will continue to move lower over the long haul.

Economic News

As you can see with the calendar posted below, there are many reports scheduled to come out.  All of them have the ability to quickly move the market.  If you want to know what’s happening throughout the week (on a frequent basis) you can follow me on Twitter (@tylerosby) and you’ll be able to stay in the loop.

By general rule, the uglier the report, the better mortgage rates do.

Rates Change Quickly

Things change quick these days.  According to Dan Green over at The Mortgage Reports (and he know his stuff), mortgage rates are good for roughly 3 hours anymore.  That means that if you call a loan officer at 9:00am, you’re rate quote is only good till lunch.

The strategy of shopping for the best rate has changed.  You must work with a mortgage professional that is tuned into the market and where it is headed.  Rate changes should not be a surprise.  I know about them 20 minutes before a lender re-prices.  Does your lender?

What to Watch This Week?

Since there’s always a lot going on, I like to pick out the two most likely ‘market moving’ reports each week.  If I had to pick a couple of reports to watch, they would likely be:

1. Major Announcements – All Week –  Anymore, traders are used to economic news being rough.  With a different move from the Fed or Treasury happening over the horizon, THIS will be on the mind of traders.
2. Retail Sales – Friday – Consumer spending is a great way to evaluate the economy.  With tightening credit, increasing unemployment and uncertainty – Americans are likely to be spending less.  By basic rule of thumb: the uglier this report comes out, the better 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: Des Moines, Economic News, Forecast, impacts, Iowa, Mortgage Rates, Rate