Hope you had a nice weekend! I finally got some of my Christmas shopping done and Holy Moly were there a lot of people out there. A small observation on my part, I think that starbucks made more money than the retail stores. Everyone was carrying a starbucks cup of sorts but very few had much for bags. Any who, If you have any motivated buyers that are still needing to get closed before the end of the year there is still time and I would love to help them!
Here's your Monday Market Update - let me know what I can do to help you today!
Week of: Monday, December 13, 2010
Present Market Conditions
Rates continue to rise for the fourth week in a row and are now at their highest levels in almost 6 months. According to Frank Nothaft, vice president and chief economist for Freddie Mac, "After Europe made strides in its debt situation; investors left the security of U.S. Treasury debt causing bond yields to rise and mortgage rates along with them. Interest rates for 30-year fixed mortgages are now almost a half percentage point higher than the record low set in mid-November, which for a $200,000 conventional loan amounts to $50 more in monthly payments."
Treasury auctions begin the week on Monday followed by the PPI (Producer Price Index) and Retail Sales reports which come out Tuesday. CPI (Consumer Price Index) on Wednesday with Housing Starts and Jobless Claims on Thursday. Look for a potentially volatile end to the week. Friday is one of four quadruple witching days this year as contracts for stock index futures, stock index options, stock options and single stock futures all expire.
Rates are up slightly but continue to be advantageous. Now is still an opportune to consider that refinance or possible purchase. Call your mortgage professional today to discuss your financial situation and structure a mortgage to meet your needs.
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Have a great day!!