The Week in Review:
Optimism has been picking up on Wall Street the past couple of weeks. With some positive economic reports here in the US along with the announcement of plans to address the European crisis, the stock market has erased losses for 2011. When stocks are up, rates usually move up as well. Mortgage rates were up approximately .125% on the week.
What to Expect:
The direction of the mortgage rate market as well as the entire financial market is changing daily with each piece of information. One day, it’s positive and rate move up. The next, it’s negative and rates move down. News from Europe, corporate earnings and several economic reports will keep the rollercoaster going this week.
In a volatile environment where news reports from overseas play as big of a role as our own economy, we are recommending locking in these low rates. Particularly, transactions scheduled to close in the next 15 days.
Breg-ometer:
Next 15 Days: Lock transactions
Next 30 + Days: Rate decrease still possible
Courtesy of:
Bob Bregitzer
Southeast Mortgage
[where: 30080]