Colorado Mortgage Market Update - by RJ Baxter 6/28/2010 Denver, CO
Good Morning....just a quick update this morning. On vacation this week in sunny Hilton Head, SC. We are heading out for a round of golf soon, so hopefully the 100 degree heat and 100% humidty doesn't kill us, if my slices and hooks don't!
As with most vacations I take, it's a "working" vacation this week, so don't hesitate to email me if you need anything. I will be monitoring emails throughout the week and logging in to work for an hour or two each day.
As for the Colorado Mortgage markets- volatility was rampant last week. We saw continued downward trends in rates spawned by horrible economic data, and many people locked in low rates mid-week. Part of this trend was due to commentary from the FOMC's meeting, with Ben Bernanke down-grading the Fed's outlook on the economy. In light of the recent weak data, including employment and housing, this does not come as a surprise, but must be frustrating for the Fed as they have used nearly all of the arrows in their quiver in an attempt to pull us out of recession.
However, on Thursday, we saw a sharp reversal as Colorado Mortgage rates spiked up. The net result was that rates ended the week slightly higher than at the beginning of the week.
This week brings the all-important monthly unemployment report and some other economic data. Remember that positive economic data is bad for Colorado Mortgage rates (higher rates), while negative economic data typically leads to lower Colorado Mortgage rates.
See Today's Colorado Mortgage Rates & find out more about getting a Colorado Home Loan
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