The Week in Review:
Home loan rates ended the week just a bit higher for the fifth straight time. By Wednesday, rates shot up to a seven month high but recovered some by the end of the week.
What to Expect:
It will be a holiday shortened week with the Bond Market closing at 2:00pm on Thursday. As it turns out, the important economic reports are also scheduled for the end of the week. Starting Wednesday, we’ll get a read on the Gross Domestic Product Report and Thursday we get the Fed’s favorite inflation index, the Personal Consumption Expenditure Index.
Markets are usually a little jittery before long weekends and in this volatile market, we believe it’s prudent to protect any rate quote before the end of the week. The rebound at the end of last week gives us some hope for an improvement in the short-term. Until we see it, we have to recommend locking.
Breg-ometer:
Next 7 Days: Lock it if you have it
Next 30 Days: Rates will bounce around and could get lower than current levels
Next 90 Days: Expect rates to increase longer-term
Courtesy of:
Bob Bregitzer
Southeast Mortgage
[where: 30339]