The Week in Review:
It appears the European summit was successful last week. The holders of Greek debt agreed to reduce the amount they will collect from the troubled country by 50%. The world stock markets liked the news and improved on the week. Mortgage interest rates moved upward as a result by approximately .125%.
What to Expect:
In the early part of this week, those celebrating the European plan started to have a hangover as they remembered a plan has to be executed to be successful.
It will be an interesting week here at home. Look for a highly anticipated Fed announcement Wednesday. Will they discuss expanding or beginning a new stimulus plan? Also, Friday is the Department of Labor’s Jobs Report. Since job creation is the most important element to economic recovery, this report can be a market mover.
Breg-ometer:
Next 30 Days: Lock in transactions; Daily volatility will be significant
Next 30 – 90 Days: Rates still maintain the possibility to come down
Courtesy of:
Bob Bregitzer
Southeast Mortgage
[where: 30339]