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What's Ahead For Mortgage Rates This Week : February 22, 2011
Mortgage markets improved slightly last week, rebounding from the worst 1-week loss in recent history. The gains were geopolitical, however; the result of instability in the Middle East region. Economic data was overlooked as investors made a broad-based flight-to-quality.
For just the second time in 2011, conforming mortgage rates in Orland Park fell on a week-to-week basis.
Rates shouldn't have dropped, though. Here's just a sampling of last week's economic data, all of which can be tied to rising mortgage rates:
Oil prices are soaring on supply concerns The Producer Price Index touched a 2-year high Philadelphia Fed Manufacturing Survey predicted strong Q1 growth Furthermore, the just-released January FOMC Minutes showed an improving economic outlook from members of the Federal Reserve.
Therefore, home buyers and rate shoppers might consider last week's rate drop a gift. Without the growing unrest in Libya, Egypt and Tunisia, mortgage rates would have moved considerably higher.
Instead, rates fell in a bout of what's commonly known as "safe haven" buying.
In safe haven buying, global investors shun risk in favor of safer investments; usually in response to market uncertainty. Terror threats is one such event. Regime overthrow is another. Because the event's long-term effect on markets is ... more

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