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June 25th Market Update

By
Mortgage and Lending with Homes Mortgage NMLS# 366970
As a courtesy to all of my referral partners, I keep them updated every week with factors that are influencing interest rates, here was this weeks note. Not too sure how I intend to use this blog yet but may end up posting these updates in a weekly fashion as well. Rates had little volatility over the week and ended up back in the same spot for the third straight week. Most of this holding pattern is in anticipation of the Federal Bank’s announcement tomorrow on what they will continue to do with the key interest rate. Many are predicting that we will not see another drop in the ‘Fed Rate’ this time so most analysts will be carefully nitpicking every single word released in the statement for speculation. What this means is that we could see some movement in rates both up and down over the next couple weeks as investors look to anything and everything to help them change. There will be no market update next week as I will be out of town with my wife on our yearly vacation. We will be out the entire week to fight off mosquitoes and canoe around the boundary waters. It should be a fun getaway and I am assuming that my cell service will be sketchy at best. If you need me for anything, you can contact my coworker John Roehrich for the first two days at 651-481-0009 or jroehrich@homesmortgage.net. If you still need something, be patient and I’ll be back in the office the following Monday to take care of everything while covered in calamine lotion to keep the itching to a minimum ;-) Here are today’s rates*: 30 Year Fixed: 6.50 15 Year Fixed: 6.00 5 Year ARM: 5.625 30 year Interest Only: 6.75 *rates assume a loan of $200k at 80% of the home value or less with a credit score of 720 or higher and are subject to change. Yes, I have found I have to add this disclaimer to my emails to help people understand the changing market ;-)

Comments (1)

- -
- - Bogota, TN

Thanks for yout tasking the time to provide us with this information in the Active Rain network.  AR is the new "cyber backbone" of the industry, and with it's uplink to Localism.com it will transfrom the marketplace. Agents who don't see which way the cyberwind is blowing are going to find themselves at a considerable disadvantage inside of three to five years.

Jun 25, 2008 05:35 AM