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Numerous Rate Increases Today
June 8th, 2009 9:58 PM

Well today I received about 4 rate increases.  I expect to see more of the same tomorrow. 

April's Goods & Services Trade Balance Report will come out 8:30am.  This report gives us the size of the U.S. trade deficit.  This isn't likely to cause much movement in rates, but Wednesday afternoon the Federal Reserve will release its Beige Book.  The Beige Book details economic conditions throughout the U.S. by region.  The Federal Reserve relys on this data heavily during FOMC meetings to determine monetary policy.  If this data shows a softer economy then we may see mortgage rates dip by 11:00am.  Conversely if the data shows signs of inflation growing that mortgage rates could rise even higher.

Posted by Deanne M. Powell on June 8th, 2009 9:58 PMPost a Comment (0)

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Rates are on the rise....
June 7th, 2009 8:44 AM

Rates are on the rise and here is why;

Last week higher than expected unemployment rates came out which is great news for the bond market and mortgage rates. 

However job losses last month were down.  It was expected that the number of job losses would be somewhere around 500,000.  Instead they were around 300,000.  Although this is bad for mortgage rates and is causing them to rise, this could ultimately be a good indicator that we may be pulling out of the recession.

We'll still have to wait to see what happens this week with GM and Chrysler with respect to job losses to see where the rates are going to be this coming week.

If you're considering refinancing or purchasing now would be a great time.  If there are more positive signs that we are coming out of the recession than mortgage rates will continue to rise and you may miss your opportunity of having a low fixed rate loan in the 5's.

Posted by Deanne M. Powell on June 7th, 2009 8:44 AMPost a Comment (0)

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