Here’s a current market update on behalf of Briggs Cline of Buckhead Home Loans:

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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.

Rates for January 9, 2010:

• 30 Year Fixed Conventional – 4.77%
• 15 Year Fixed Conventional – 4.13%
• 1 Year ARM – 3.24%

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*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.

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Briggs S. Cline | President | Buckhead Home Loans
Phone: (404) 303-7411 | Cell: (404) 396-6872 |  bcline[at]buckheadhomeloans.com

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Do you need a real estate specialist to help you? Call Sue Fessler: (404) 228-2691 or email: sfessler[at]morrisandraper.com.

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