All Entries For Market Information
Here’s a current market update on behalf of Briggs Cline of Buckhead Home Loans:
The Thanksgiving week saw mortgage rates hold mostly steady. We did get the second estimate for last quarter’s GDP. As expected, it notched upward to 2.5%. While every improvement is a good improvement at this point, we’ll need a GDP closer to 3.0% to begin seeing any real recovery in the labor market. We also got our monthly reminder that the housing market is still struggling mightily, with both existing and new home sales numbers revealing declines.
This week has many significant economic reports for markets to consume. Both the ISM Manufacturing and Services Indices are due, along with Consumer Confidence and the Employment Report. While all of these reports have the capability to influence rates either way this week, we may not see rates moving too much from just this week’s data. Even if all of the data comes in positive, the EU’s bailout of Ireland and the tension on the Korean peninsula may drive another “flight to quality” with money flowing into US Treasuries, which could hold rates down this week.
*Rates change daily and restrictions do apply to all types of loans! Consult with your real estate agent and / or loan officer for more information specifically to you and your loan.
Briggs S. Cline | President | Buckhead Home Loans
Phone: (404) 303-7411 | Cell: (404) 396-6872 | bcline[at]buckheadhomeloans.com
Do you need a real estate specialist to help you? Call Sue Fessler: (404) 228-2691 or email: sfessler[at]morrisandraper.com.
Here’s an interest rate update on behalf of Glenn Robinson of SunTrust Mortgage:
Pricing improved as a result of the mid term election results on Tuesday, November 2, 2010. Investors have responded favorably to the outcome as well as the Fed’s announcement that they will reinstate the treasury purchase program over the next six months. The Fed announced earlier this week that they were planning to buy an additional trillion dollars of securities with the intention of driving these rates even lower. There could potentially be a backlash here as this could trigger inflation down the road but it should give us a nice little boost in the short term.
Here’s a current market update on behalf of DeAnn Ellis of Main Street Home Loans:
Last week saw September Housing Starts UP 0.3% to an annual rate of 610,000 units, well ahead of the expected 580,000 unit pace. Even better, starts are UP 4.1% over a year ago. Interestingly, the September gain was totally driven by a healthy 4.4% rise in single family starts, while multi-family starts dropped 9.7%. But multi-family starts are volatile month to month, and are actually up 100.0% compared to a year ago, while single family starts are off 10.8% during the same time frame.
Here’s a current market update on behalf of Briggs Cline of Buckhead Home Loans:
Mortgage rates trended to new lows again last week as economic concerns and potential Fed actions weighed on the market. While some pundits still talk of deflationary fears, there is little foundation for those concerns at this time. Both the Producer and Consumer Price Indices registered minimal inflation again last month, but again, both revealed some inflation in the marketplace.
Here’s an interest rate update on behalf of Glenn Robinson of SunTrust Mortgage:
Really good week for rates. Rates have improved in some cases but the pricing is better across the board. This is true even when rates appear unchanged on the update. In other words, while 4.250% remains the best available rate for FHA, we can now lock it in with little or no origination fee. In some cases, there is even enough left in price to lender fund a portion of the closing costs. Keep in mind, these rates are still available for locks up to 75 days. This would lock in the rate through December 15th.
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Home loan interest rates have seen a slight increase last week of September 6, 2010! Experts are predicting rates to continue to rise over the next few months. If you or someone you know has been waiting for the right time to purchase a home, the time really may be now!
Also, upcoming MI changes to FHA loans will be effective at the beginning of October. Buyers that are a couple of months away from closing on new construction should be especially aware of this change and should probably look to lock on an extended lock prior to the change taking effect. FHA is reducing the upfront MIP premium, however, the monthly premium is going to double. In some cases, this could affect the buyers ability to qualify for the loan.
Do you need a real estate specialist to help you? Call Cindy Johnson at: 678.409.7100.
