mortgage markets: Retail Sales Rise For 12th Straight Month In June
- 07/15/11 08:39 AM
The American Consumer will not be deterred. Despite worsening jobless figures and an increase in the Cost of Living, Retail Sales are climbing. In June, for the 12th straight month, retail receipts rose, excluding cars and auto parts. Analysts expected no change from May. Instead, receipts topped $321 billion - an all-time record. For home buyers and would-be refinancers in Raleigh , this is a bit of unwelcome news. Mortgage rates are rising in the wake of the Retail Sales data release. This is because Retail Sales account for roughly half of consumer spending, and nearly one-third of the economy overall. A rise in … (0 comments)
mortgage markets: What's Ahead For Mortgage Rates This Week : July 11, 2011
- 07/11/11 05:45 AM
Mortgage markets improved in roller coaster-like trading last week. And, not surprisingly, the week's two big stories were the same two stories roiling mortgage markets since March - Greece and Jobs. In both instances, rate shoppers won. Conforming mortgage rates in Florida improved for the first time in 3 weeks last week. Early in the week, mortgage rates fell as doubts resurfaced on the just-completed Greece aid package. Although an agreement had been reached by the Greek Parliament, investors are wondering if it's a bona fide solution, or delaying an inevitable default. Talk like this triggers a flight-to-quality, and last week, … (0 comments)
mortgage markets: Mid-Year Review : Were The Experts Right About The Market?
- 07/08/11 06:51 AM
The year is half-over. It's an opportune time to take stock of analyst predictions made at the start of the year, and to recognize that the "experts" can be wrong as often as they are right. For as much experience and authority an expert brings to the conversation, though, nobody can accurately predict the future. As such, there's often disagreement. Looking back to December, some housing analysts called for a market rebound this year; while others called for a fall. With respect to mortgages, some said rates had nowhere to go but up; while others expected more dips. As a layperson, how do you know who will be right? … (1 comments)
mortgage markets: Economy Expected To Have Added 80,000 Jobs In June
- 07/07/11 05:50 AM
Friday morning, at 8:30 AM ET, the Bureau of Labor Statistics releases its June Non-Farm Payrolls report. If you're currently shopping for a mortgage, or floating a mortgage rate, be prepared. Mortgage rates can change following the monthly report's release. Often, by a lot. More commonly called "the jobs report", Non-Farm Payrolls reports on the U.S. workforce by sector, summarizing its findings in terms of total workforce size, and as a national Unemployment Rate. Jobs are considered a keystone in the continuing U.S. economic recovery. More working Americans means: More consumer spending, a boost to businesses More tax collection, a boost … (3 comments)
mortgage markets: What's Ahead For Mortgage Rates : Week Of July 5, 2011
- 07/05/11 05:07 AM
Mortgage markets worsened last week as Wall Street's renewed optimism pushed equities to their best one-week gain in 2 years. The change in sentiment was bad news for rate shoppers, however, as investors pored into stocks at the expense of bonds. Last week, for the first time since February, mortgage rates rose 5 days in a row. By the time bond markets closed for the 3-day weekend, conforming fixed mortgage rates in Florida had climbed to their worst levels since mid-May. Mortgage rates are now at 7-week highs. The biggest reason for last week's mortgage rate turnaround is that lawmakers in … (0 comments)
mortgage markets: What's Ahead For Mortgage Rates This Week : June 27, 2011
- 06/27/11 05:57 AM
Mortgage markets improved again last week on a revised economic outlook for the U.S. economy, and ongoing concerns about Greece and its sovereign debt. Conforming mortgage rates in North Carolina fell last week and now hover near the all-time lows set last November. Adjustable-rate mortgages are especially low. There were three big stories last week that will carry forward into this week. First, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged in its current target range of 0.000-0.250 percent. This was expected. However, the Fed revised its growth estimates for the U.S. economy lower. This was … (0 comments)
Despite rising new home sales and an increase in building permits nationwide, home builder confidence slipped to a 9-month low in June. The monthly Housing Market Index from the National Association of Homebuilders registered 13 this month — three ticks lower than last month, and its lowest level since September 2010. June’s 3-point drop from May is the biggest one-month move since May 2010, the month after the expiration of the federal home buyer tax credit. The retreat could signal favorable pricing for new home buyers in Raleigh in the months ahead. When builders get less bullish on housing, … (2 comments)
mortgage markets: What’s Ahead For Mortgage Rates : Week of June 20, 2011
- 06/20/11 08:13 AM
Mortgage markets improved last week as Wall Street managed news on both sides of the economic coin. There were several instances of higher-than-expected inflation – an event that tends to lead rates higher — but weak domestic jobs data and a soft manufacturing report suppressed the damage. Rates were also held low by ongoing issues in Greece. In Greece, the government is currently struggling to meet its debt obligations — despite a restructuring of existing debt negotiated in 2010. Without a plan for its new debt, though, Greece will likely to default on what it owes. Eurozone and international banking leaders … (1 comments)
The American Consumer will not be deterred.
;)
;)
