Mortgage Rate Movements - 4/23/08 - 6/29/08

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DATE

Mortgage Rates Information

6/29/08

12:01 am. The last few weeks in the markets have been jumping like usual. The economic data is varied and is leaving investors scratching their heads. U.S. consumer spending rose more than forecasted in the previous month. This increase may be due to the tax rebates. The rebates have likely come at a great time since gas prices have soared. But the Fed's meeting this week resulted in no rate changes and the economy may have jumped up but the upcoming weeks will show how banks have been affected by the foreclosure issues. Many large lending institutions may disclose major loses which could result in rates jumping up once again.

6/14/08

7:15 pm. Wow what a month. The mortgage rate industry is still jumping up and down. It looks like rate are moving up as the markets worry about inflation, drop in consumer confidence and that the FED has little ability to affect the markets. Of course the economy is being hurt by high gas prices and little hope of any reduction coming soon. The mortgage industry has changed dramatically. Expect not only rates to jump but also a large down payment may be required. For non government loans, most lenders are now requiring 20% down payment. Plus credit restrictions are putting the squeeze on people with scores below 720. If you are in the market and still on hold make sure you know your credit and get some info on how to raise your credit scores.

5/16/08

1:25 pm. So the Jumbo Mortgage rates have declined slightly, which is good news for many people stuck in High loan rates and high mortgage debts. The rest of the mortgage data has been mixed. Over the past month there was a dip but then rates have steadily climb upwards. Maybe the increase in gas prices will hold rates in check. Right now the Bond seems to be bouncing around but ending the day even so rates will probably steadily and slowly creep up until data indicates that the economy is still weak and the Fed will be pushed to reduce rates again. It also seems that most are just waiting to see if the foreclosure mess has past or is the worst yet to come.

4/30/08

11:05 pm. A FEDERAL RESERVE UPDATE - The Federal Reserve acted today to try and help the slumping economy. They reduced the lending rate by .25% down to 2.0%. Great NEWS! Well maybe fair news. The markets are concerned that the Fed is done acting to help the economy. They may be able to squeeze another .25 to .50 over the next 6 months off of the rate but the real issue is the lending institutions. The Fed has to help encourage banks to lend this cheap money. Until that happens, I would not expect rates to drop dramatically. The good news! Adjustable rate mortgages will probably not be jumping up (depending on what they base the rate off of... example - LIBOR, 10 yr Note, ect.). Also. overall fixed rates are still low... but jumpy.

4/23/08

11:36 pm. Mixed market of data this week. Some major blue chips are reporting profits up while others are feeling the pain of the pump. Many cost are increasing for consumers so spending has slowed. The markets moved slightly up today and rates inched down. This seems to be the stage for awhile. Mixed data = rates jumped all around. The question is, are we in a recession, are we coming out of a recession, or are we going into one? No one is sure. So mortgage rates will be jumpy. Negotiate if you have great credit.

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