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What’s Ahead For Mortgage Rates This Week : February 7, 2011
Mortgage markets worsened last week as Wall Street came to terms with the expanding economy; and realized the Federal Reserve may be trying to induce inflation.
Better-than-expected retail sales and positive job growth buoyed stock markets and sank bonds.
Mortgage rates in AZ rose for the 4th time in 5 weeks last week, extending a losing streak which dates back 4 months.
Today, fixed, conforming rates are three-quarters of a percent higher as compared to the market’s low point, November 3, 2010. For a $200,000 home loan, that size rate hike equates to an increase in a monthly mortgage payment of $89 per month.
Mortgage rates are at their highest levels of the year and, this week, they may continue ticking higher.
There isn’t much data set for release this week so markets will take their cues from two major events — one economic and one political.
The major economic event is Fed Chairman Ben Bernanke’s testimony to the House Budget Committee late-Wednesday. Chairman Bernanke is expected to speak about employment, but will likely touch on other topics of import including economic growth, the U.S. dollar, and the nation’s debt ceiling.
The Fed Chairman’s comments will move mortgage rates in one ... more

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