For Further Questions feel free to contact us.To check Your Local Market Data go to Your Market Snapdshot For further information about Metro Atlanta. orIf you have a Real Estate need in Atlanta trust the Full time Local professionals at Team Renton Keller Williams. For Free Home Search for Metro Atlanta go to http://www.servingdouglasvillehomes.com
Market Comment - Week of October 5th, 2009
Mortgage bond prices rose last week pushing mortgage interest rates lower. Consumer confidence came in weaker than expected helping rates rally Tuesday morning. The ADP employment release showed more job losses than expected. The employment report Friday morning confirmed the ADP payroll data indicating the US economy shed 263,000 jobs in September.
For the week, interest rates fell by about 7/8 of a discount point.
Another round of Treasury auctions hits the market this week. Solid foreign demand will help rates remain the same or improve. Signs that foreign demand is diminishing will not bode well for mortgage interest rates. Weekly jobless claims set for release Thursday will carry a bit more weight than usual due to the lack of other economic data.
|
Economic Factors |
|||
|
Economic Indicator |
Release Date Time |
Consensus Estimate |
Analysis |
|
3-year Treasury Note Auction |
Tuesday, Oct. 6, 2009 |
None |
Important. $39 billion of notes will be auctioned. Strong demand may lead to lower mortgage rates. |
|
10-year Treasury Note Auction |
Wednesday, Oct. 7, 2009 |
None |
Important. $20 billion of notes will be auctioned. Strong demand may lead to lower mortgage rates. |
|
Consumer Credit |
Wednesday, Oct. 7, 2009 |
Down $9.5 billion |
Low importance. A significantly larger than expected figure may lead to lower mortgage interest rates. |
|
Weekly Jobless Claims |
Thursday, Oct. 8, 2009 |
None |
Moderately Important. A measure of employment. Job weakness may help rates improve. |
|
30-year Treasury Bond Auction |
Thursday, Oct. 8, 2009 |
None |
Important. $12 billion of bonds will be auctioned. Strong demand may lead to lower mortgage rates. |
|
Trade Data |
Friday, Oct. 9, 2009 |
$33 billion deficit |
Important. Affects the value of the dollar. A falling deficit may strengthen the dollar and lead to lower rates. |
Professionals
Obtaining a mortgage is often a confusing task that can also lead to frustration. The reason for the confusion is due to the fact that mortgage financing is complex. The good news is that this complexity provides consumers with options and choices best suited to fit their needs.
Everyone's financial position is unique. Some people have large cash reserves that can be used for down payments while others want to get into a home with little or no money down. Credit ratings vary from person to person. In addition, future plans vary. Some people plan on staying in their home for the rest of their lives while others only plan on staying for a few years.
These facts alone make comparing your mortgage to your neighbor's based on rate alone a flawed endeavor, yet many people attempt to do so. Admittedly, everyone wants a good deal. Keep in mind that comparing rates is just one component of the entire mortgage. Other variables include the term, down payment requirements, income qualifications, credit ratings, reserve requirements, current debt, prepaid points, and many more.
A mortgage professional is able to take all of these variables that are unique to each individual and help a person obtain the mortgage loan that works best for their situation. The service they provide is time consuming and complex. However, the rewards of dealing with a professional carry forward throughout a borrower's life. Making wise financial decisions today helps to pave the way for a safe and secure future.
Comments (0)Subscribe to CommentsComment