Mortgage Rate
Movements 5/24/04 - 5/27/04
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Current
Best Mortgage Rate Info
Mortgage Rate Info from
- 5/24/04 -5/27/04
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DATE
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Mortgage
Rates Information
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5/27/04
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11:04
am - A mixed morning of economic
data is causing the mortgage rate
movement to be steady until more
info is gathered. Lets start with
a general look at the data. Jobless
claims did fall which is not good
for the mortgage rate futures, however,
they did not fall the expected full
amount. Plus the economy growth
was not as expected either falling
about .1% short. This is putting
pressure on the dollar versus the
euro. The lose of value in the dollar
should keep the fed in check from
raising mortgage rates but the soaring
Dow is something to watch. So with
the unemployment rate up and the
Dow soaring the mortgage rate index
is holding to gather more data.
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5/26/04
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10:52
am - The mortgage rate market is
digesting some interesting consumer
and market information today. The
new home sales came in on the 25th
and it was down 11%. Slowing economy?
Further big ticket items orders
dropped 2.9 percent last month, marking the biggest decline since September 2002.
Could this mean that the fed does
not have to raise mortgage rates
by a .25% on the next meetings.
Well it appears that as of the early
morning trading the bond traders
don not know but are leaning to
the possibility that a rate increase
may not occur as soon as previous
numbers had shown. The key will
be inflation and those numbers will
not be in any time soon. So, once
again the key is oil cost and production.
If production does not increase
and cost still increase with the
other down numbers it should combine
for a drop in the possibility of
a mortgage rate increase.
Mid
Day Up Date - 2:54 pm . Looks that
the lower new home starts and the
reduction of consumer goods orders
is taking affect on the mortgage
rate traders. The bond yield is
moving down faster than any days
in recent times. Most likely the
mortgage rates will not be affected
till tomorrow morning as long as
the yield on the 10 year t-bill
stays low tomorrow morning when
trading opens.
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5/24/04
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12:55
am - The market opened up and all
expectation is that a economic recovery
is on. Which is causing a raise
in inflation and therefore higher
mortgage rates. But as the day looms
on the market is beginning to
once again fear the high cost of
oil. This will reduce the free cash
the consumer has because they will
be forced to spend more on gas.
This will also increase prices on
products and services because the
added expense of shipping and production
with the rapidly rising oil prices.
The mortgage rate market is also
expecting that even if the some
oil producing nations raise
production it will not meet the
required need to reduce the price
of oil. All things considered here,
the market and high prices should
appear to keep inflation in check
and under the 2.5% expect increase.
If the increase is lower than expected
than the mortgage rate market
should reduce a little from there
current place.
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