It’s a Short and Quiet Week

This week, markets hope to calm down.

There’s a handful of economic news releases including Existing Home Sales, New Home Sales and consumer confidence surveys that will help paint a clearer picture of the economy.  However, the Federal Reserve’s 2-day meeting should steal a lot of the spotlight.  The Federal Reserve is expected to hold the Fed Funds Rate at its current range of 0.000-0.250 percent.  It’s not like they could go negative, right?  🙂

However, the Fed Funds Rate is somewhat of an afterthought this week.  Markets are more concerned with what the Fed will be doing to loosen bank lending nationwide.  Recent reports of banks not increasing lending w/ TARP funds has investors worried.

Markets will evaluate the Fed’s statement and if they feel like the stimulus to be too large (or too small), mortgage rates should rise.  If the Fed’s moves are “just right”, look for rates to fall.

The Federal Open Market Committee adjourns at 2:15 P.M. ET on Wednesday.

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. Fed Meeting Announcement – Wednesday – Again, it’s not what they do with the fed funds rate, it’s what they say.
2. Chicago PMI- Friday – Manufacturing data always tells us how the economy is moving.  With all of the layoffs announced today from John Deere, Caterpillar and others, we’re likely to see weak numbers.

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 with live updates through Twitter.

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.

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Tagged as: Des Moines, Economic News, Iowa, Mortgage Rates, trends, west des moines