Each week my good friend Alisa DeFalco from CTX Mortgage sends me an email with a recap of last weeks mortgage news and a forecast for the week. I've cut and pasted the forecast for the coming week below for your general information. Please let me know if you have any questions.
This week will be a slow news week in terms of economic reports...but remember that anytime the planned economic news calendar is thin, Traders will pay more attention to other types of news and headlines, trends from other markets, and technical factors often step up to play a larger role as well.
The chart below shows that on a glut of positive economic news, Bond prices moved slightly lower, but enough to fall through a "floor of support" last week - and if the trend continues this week, it could cause home loan rates to rise.
Of most interest on this week's calendar will be New and Existing Home Sales data. From all recent reports, it appears that the housing market at large is stabilizing, so the numbers on average sale prices, inventory and volume of sales will be closely analyzed and dissected. Most feel that the housing market hit a bottom in August of 2006, and home loan rates remain very low - so if you or someone you know has been considering the purchase of a home, now may be an excellent time to make a move forward. Contact me for questions or to learn how to get this process started right away.
Wish you all the best.
Karl
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