Mortgage Rate Indicators for Denver
Whether you are thinking about buying or selling your home, it's important to track mortgage rate indicators in order to have some idea which way the interest rates are moving. The mortgage rate indicators aren't ever absolutely "on the mark" with pointing an upward or downward movement. After all, that would take all the fun out of it! Seriously, anyone that suggests they KNOW with certainty what rates are going to do is much smarter than even the experts I've met in the business over the past thirty years. Mortgage rate indicators do just that - give an indication, not a guarantee.
For further discussion on rates, mortgage terms, or loan qualification requirements, please contact me.
Market Comment - Week of January 11th, 2010
Mortgage bond prices rose last week pushing mortgage interest rates lower. The bond market was buoyed by the announcement that US Treasury increased the credit lines of Fannie Mae and Freddie Mac a total of $400 billion. This was a signal to investors that those entities are "too big to fail" as viewed by the Treasury. We saw some weakness Thursday afternoon as retailers reported stronger than expected holiday sales. The employment report Friday was generally bond friendly. For the week interest rates fell by about 1/4 of a discount point.
The December employment report came in relatively bond friendly. Unemployment came in at 10% as expected. However the payrolls component showed job losses of 85,000 compared to the 35,000 losses expected by analysts. The mortgage bond market had a generally positive reaction to the report but improvements in rates were tempered by concerns for some of the revised data from prior months. Revisions to the November figures showed a 4000-job increase as opposed to the original 11,000-job decrease.
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Ruth Vogt, Sales Manager
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