What's Ahead For Mortgage Rates This Week : December 28, 2009 - 12/28/09 09:45 AM
 Mortgage markets made a 4-day losing streak last week on thin holiday volume and overall economic optimism. It was awful news for rate shoppers because mortgage rates were higher every day last week.
The holiday-shortened week marked the third out of 4 during which rates worsened and last week's action happened to be especially harsh. Monday's action was the worst for rates since July, for example. 
Tuesday's was only slightly less worse.
Today, conforming, 30-year fixed mortgage rates have reached at a 15-week high -- well off the lows set in early-December.
Normally, when mortgage markets worsen this badly, this quickly, … (0 comments)

What's Ahead For Mortgage Rates This Week : December 21, 2009 - 12/21/09 09:45 AM
Mortgage markets improved last week as pricing followed a roller coaster-like pattern. After touching a 6-week high Tuesday, rates rallied to weekly lows Thursday, and then jumped back higher Friday.
Despite the improvement last week overall, mortgage pricing remains significantly worse from the all-time lows set in late-November.
Oddly, last week's most prominent mortgage-related story wasn't the most influential one.
On Wednesday, the Federal Open Market Committee adjourned from a two-day meeting.  It voted to leave the Fed Funds Rate unchanged from its current target zone of 0.000-0.250 percent.  This wasn't news, per se -- markets expected the "no change" vote.
… (0 comments)

What's Ahead For Mortgage Rates This Week : December 14, 2009 - 12/14/09 09:39 AM
Mortgage markets worsened for a second consecutive week last week amid debt default concerns and stronger-than-expected economic data. Dollars left the bond market and mortgage rates suffered.
After re-reaching an all-time low December 1, mortgage rates have since rolled back to mid-November levels.
Rates are still low right now. Just not as low.
And meanwhile, last week's big story -- the one that should concern mortgage applicants between now and early-2010 -- is the story of Retail Sales.
Last week, a government report showed that American consumers are spending more this holiday season than was expected.  The Retail Sales data implies … (1 comments)

What's Ahead For Mortgage Rates This Week : December 7, 2009 - 12/07/09 08:13 AM
Mortgage markets finally reversed course last week, selling off with fury and causing prices to plummet. 
When bonds prices fall, rates rise.
The action broke a multi-week winning streak, much to the disappointment of rate shoppers everywhere. Rate hikes came in stages.
First, early in the week, mortgage bonds fell out of favor as traders booked profits ahead of the November jobs report and as concerns over a Dubai Default waned.
Then, on Friday, when the jobs report was ultimately released, it showed a net loss of just 11,000 jobs in November and dip in the Unemployment Rate to 10.0 percent.
Mortgage … (0 comments)

 
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Don Grimes

Don Grimes

Okemos, MI

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Michigan Mutual Mortgage

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