The Week in Review:
Mortgage interest rates came down last week as the Fed announced they would keep short-term rates low through late 2014. European officials were unable to hammer out a resolution to Greece’s debt crisis which also helped rates move lower. On the week, home loan rates ended down about .125%.
What to Expect:
This week is employment week and since this is one of the most important factors in our economic recovery, the Jobs Report due out Friday could be a market mover.
Don’t be fooled by the Fed’s recent announcement about interest rates. While the Fed plays a role in how long-term rates move, mortgage interest rates are determined by free-trading mortgage-backed security and treasury markets. Between now and late 2014, rates will be here, there and everywhere.
Currently, the underlying mortgage-backed security markets are only a hair away from all-time historic levels. We still maintain our locking position.
Breg-ometer:
Next 30 Days: Take advantage of this market, it can change quickly
Next 60+ Days: Rates can come down, but feel that any improvement will be small.
Courtesy of:
Bob Bregitzer
Southeast Mortgage
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