The week in review:
This week’s mortgage rate update is brought to you by the new movie, Ben and Hank’s Excellent Adventure, which hit the big screen several weeks ago to mixed reviews. The film begins with our fearless leaders, Ben Bernanke as Chairman of the Fed and Henry Paulson as Secretary of the Treasury rescuing some of the world’s largest institutions from disaster. Then, as the situation continues to deteriorate, our action heroes create a $700 Billion bail-out plan to save the financial system as a whole. Funny thing about this show is that the ending has yet to be written…
Home loan rates ended the week up about .125% higher than they started.
What to expect:
With so many historical events going on at the same time, it is almost impossible to determine what may happen next and how the markets will react. Will the House and Senate approve the plan on Monday? What details will get agreed to?
There are several ‘normal’ reports to come out this week. We will see a gauge on inflation coming out Monday and the Department of Labor’s employment report on Friday. Low inflation = lower rates; bad employment numbers = lower rates.
Breg-ometer:
Next 7 days: Lower at the very beginning of the week; flip a coin after that
Next 30 to 90 days: Need to see what happens this week to make a call
Courtesy of:
Bob Bregitzer
[tags]Smyrna Mortgages, Vinings Mortgages, Atlanta Mortgages[/tags]