Mortgage Rate Indicators for Denver
If you are thinking about buying a home, but holding off to see if the government is going to offer any new tax credits to entice you to buy, you might want to think again!
Interest rates are so much lower than they were when the tax credits were being offered. And the mortgage rate indicators are suggesting now is the time to act to take advantage of these low rates... while they last!
Low sales prices + Low interest rates = great time to buy!
But that formula won't last forever. It is very important to keep your eye on the Mortgage Rate Indicators to make sure you don't miss your opportunity to get your rate locked in while rates are low. One percent interest rate increase is approximately $60 per month extra per month per $100,000.
Don't delay, call today!
Mortgage bond prices fell last week pushing interest rates considerably higher. The primary cause for the increases was stronger than expected data. Consumer confidence and weekly jobless claims beat estimates solidly and shocked the bond market lower. Overall the Treasury auctions and stronger stocks also pressured mortgage bond prices.
The report on business inventories basically gives a broader look at the durable goods, factory orders, and retail sales reports. Not only is this report an important part of the investment component of the GDP, but it also provides additional evidence about the economy in the upcoming months. Changes in business inventories slow as the economy approaches a peak, and rise as the economy approaches the trough of a recession. Therefore the change in business inventories is a leading indicator of GDP. The data for this report, which are published by the Department of Commerce's Census Bureau, comes from a monthly survey of inventories, orders, and manufacturers' shipments, in addition to the merchant wholesalers and retail trade surveys.
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Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
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