All Entries For Market Information
Here’s a current market update on behalf of Briggs Cline of Buckhead Home Loans:
Mortgage rates slid back slightly last week, as the New Year began. Some of the decline may be due to a bit more realism returning to the market. While we are seeing many signs that the economy is beginning to find some traction, we’re not seeing anything that points to a sizeable acceleration in the rate of economic growth. Of course, given the alternative, we’ll be happy to see any growth rather than a return to recession. Two of the biggest drags on the economy continue to be housing and jobs. While the unemployment rate did tick down last week, some analysts are already predicting a correction in next month’s numbers. However, Challenger, Gray and Christmas’ monthly layoff report recorded just 32,004 announced layoffs in December, the lowest level since before the recession. Perhaps, we will begin to see the labor market improving in coming months.
Friday brings us the most important economic data of the week, with both Retail Sales and Industrial Production reports due. Any better-than-expected news will likely lead to slightly higher rates.
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Here’s an interest rate update on behalf of Glenn Robinson of SunTrust Mortgage:
Here’s a current market update on behalf of Briggs Cline of Buckhead Home Loans:
As expected, mortgage rates were mostly unchanged last week as we rolled into the Christmas holiday. This end-of-year run up in mortgage rates has some people nervous that we are finally going to see rates climbing back to higher levels over the next few months. While we are seeing signs of a strengthening economy, we are yet to see enough economic steam being generated to actually heat up inflationary pressures to a level that would push mortgage rates too much higher in the near term. Ultimately, we will need to have both the housing and labor markets in significantly better shape before we see strong, ongoing economic growth in the United States.
This week is a fairly light week in terms of economic news, with only one major report due. Tuesday’s Consumer Confidence report is expected to show another small uptick. If this comes to pass, we might see mortgage rates moving slightly upward. However, if financial markets remain fairly calm this week, we could see rates move just slightly downward as we head into the New Year.
Here’s an interest rate update on behalf of Glenn Robinson of SunTrust Mortgage:
Here’s a current market update on behalf of Briggs Cline of Buckhead Home Loans:
Mortgage rates moved upward again last week, as Washington reduced some uncertainty from the markets, and economic optimism continued to gain some steam. The extension of the Bush-era tax brackets took one step closer to reality with an agreement between the Obama administration and Republicans. As with most actions that reduce economic uncertainty, money flowed out of bond markets to riskier stock markets. While little economic data was released last week, we continue to see a growing sense of optimism that the economy recovery is slowly gaining a firmer footing.
This week is an incredibly full week of economic data and events for markets to digest. Both the Producer and Consumer Prices Indices are due, along with Retail sales and a slew of other reports. The Fed also meets to discuss monetary policy. Many analysts are expecting a rather muted Fed meeting, but a few are predicting that the Fed will present a slightly more optimistic view of the economy in its announcements. If this comes to pass, we’ll see mortgage rates continuing upward.
Here’s an interest rate update on behalf of Glenn Robinson of SunTrust Mortgage:
This has truly been a rollercoaster of a week as far as rates are concerned. Ultimately we saw little change, if any, from last Friday’s rate update. However, in the days in between, we saw quite a bit of movement. For example, on Wednesday, the 30 year fixed rate climbed as high a 4.625% but the increase was short lived. It would appear that investors were encouraged by some of the retail sales reports from last week, projected earnings by some of the blue chips and signs of recovery. Today’s unemployment numbers, expected to return 150,000 new jobs last month, came in at 39,000 new jobs spiking the unemployment rate to 9.8% from 9.4%. This appeared to bring investors back down to earth and reinforce that recovery from this economic downturn is not going to happen overnight.
The rates on this update are good for 60 days. Please understand that the rates for purchases and refinances can vary.
