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November 30th Market Update: Federal Reserve Announcement

By
Mortgage and Lending with Homes Mortgage NMLS# 366970

Good morning!

I hope everyone had a great Thanksgiving holiday!  Shannon and I hosted both of our families again in what was a very bittersweet holiday.  My grandmother passed unexpectedly the week prior so it was more a celebration of her and helping comfort my grandfather who was lucky enough to spend 69 years married to the love of his life.  Obviously a very sad time for us as we all work to focus on the positives of being so fortunate to have her with us for so long.

Interest rates are starting to rise.  There has been a lot of different rumors about action to help the global economic crisis and the stock markets are reacting favorably to news from the Federal Reserve this morning.  Long story short, the Federal Reserve, China and a few other major banks have arranged agreements to lower the cost of borrowing money which hopes to help the struggling economies in Europe gain a little footing.

This could be great news for the overall economy but as we have seen many times before, this isn’t going to coincide with interest rates staying low.  With talks of another Quantitative Easing (we have had two so far), we could see a quick hike of interest rates if and when this occurs.  The longer term prospects are finally showing signs that these amazing rates won’t be around forever.

Rates are below, have a great week!

Rates: 30 year fixed at 3.875% and the 15 year at 3.375%, FHA: 3.75%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.

 

Matt
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net

Comments (1)

Maggie McFarland
RE/MAX Pearland - Maggie McFarland - Pearland, TX
Pearland Realtor, Homes for Sale in Pearland Texas

Hi Matt,

Sorry for the loss of your grandmother... And so close to the holidays too...

Nov 30, 2011 02:32 AM