So wanna know what rates will do this week?

Reblogger
Real Estate Agent with Realty One Group

 

 

Interesting news concerning mortgage rates from one of the best loan guys in the business, Mark Taylor here in Phoenix. It looks as if not so good news for the economy turns out to be good news for those looking for home loans.

 

 

Original content by Mark Taylor Mortgages 207897nmls# DOC#207897

What’s Ahead For Mortgage Rates This Week : July 11, 2011

Net New Jobs 2009-2011Mortgage 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 Arizona 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, ordelaying an inevitable default.

Talk like this triggers a flight-to-quality, and last week, it led mortgage rates lower.

Then, mid-week, a strong preview of the Friday jobs report led to a reversal. Mortgage markets sold off sharply with the prospect of a blow-out Non-Farm Payrolls number. Analysts upped their estimates 50% — from 80,000 net new jobs created in June to 120,000 — and mortgage rates spiked in anticipation.

The rate rise was short-lived, however, because when the actual jobs report was released, it showed just 14,000 jobs added in June. Mortgage markets reversed and mortgage rates sunk to their best levels in 2 weeks.

This week, Greece should remain in the headlines, but there’s other rate-changing news, too:

  • Tuesday : FOMC Minutes
  • Wednesday : 10-Year Treasury Auction
  • Thursday : PPI; 30-Year Treasury Auction; Jobless Claims
  • Friday : CPI; Consumer Sentiment

If you’re still floating a mortgage rate, today marks a good week to lock. Mortgage rates could fall this week and next, but there’s more room for rates to rise than to fall. 

Lock up today’s low rates while they’re still available.

 


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$AVE THOUSAND$ with my Buyers' Advantage program, there's nothing else like it in the industry.

 

     Tony Moon

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www.tonymoonrealestate.com

Phone: 602.388.1931

email: tonymoon@cox.net

Tony is a full-time Realtor in Glendale, Arizona and is an exclusive buyer’s representative. He serves primarily the northern Metro Phoenix area. Tony got his start in the industry working as a messenger for a land developer in the 70’s while a student in southern California. Since then he has amassed a great deal of knowledge about the profession having worked in sales on both the commercial and residential sides of the business. Tony has also studied the industry from an academic perspective for use in his other job as a professor of management at a local university.

Tony holds a BA from the University of California, Irvine and a Masters degree from Arizona State University. He lives in Phoenix with his wife of 29 years and four children. He enjoys boating, reading, and travel. He and his family are also active in their church.

Comments (2)

Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

You don't need to  take the kersplat for content you Re-Blog.  The yellow dot and red x is for non original content but does not apply to Re-Blog. 

Jul 12, 2011 10:35 PM
Anonymous
Anonymous

A always, your comments are greatly appreciated.

Jul 13, 2011 06:19 AM
#2