Things are looking up for our economy according to today’s news. With mortgage rates hovering in the 4.25% range, unemployment down, and less foreclosures and bankruptcies, consumers are more likely to borrow. Below are some of the news sources that I tapped into.
The Fed’s uncertainty with bond buying and reducing asset purchases makes for a tough interest rate environment. The rates were flat most of last week until Friday when the rate rose slightly from 4.13 to 4.25 for a 30yr fixed loan. Read more at the Mortgage News Daily site: http://www.mortgagenewsdaily.com/consumer_rates/330213.aspx
Bloomberg reports today that Americans will cure their debt troubles by taking out loans because of a 5yr low in the unemployment rate. In addition the banks will be more inclined to loan due to a cleaning of their own balance sheets. Read more at Bloomberg news: http://www.bloomberg.com/news/2013-11-04/americans-debt-hangover-seen-ending-in-boost-to-growth-economy.html