Mortgage Rates Currently Trending: NEUTRAL
This week there are a number of key economic releases but the major focus this week is Bernanke testifying in the House and Senate on the economy, employment and inflation.
Likely he will field a lot of questions from politicians about what the Fed intends to do with its QEs and more grilling on the state of the economy and unemployment that refuses to subside.
He goes before the House Financial Services Committee on Wednesday and then to the Senate’s Banking Committee on Thursday.
At this moment markets continue to lean towards the Fed beginning to taper as soon as September but Bernanke is keeping markets on edge by changing his tune from one speech to another.
BOTTOM LINE:
Right now mortgage rates are taking a breath, but don't be lulled to sleep. Be sure to watch the live MBS (Mortgage Backed Securities) market with your Mortgage Loan
Originator to stay a step ahead of lender re-pricings and to cash in on market gains that help mortgage rates.
Be prepared for movement at a moment's notice, and beware the volatility that is still rampant.
In plain English, this means 30 year Fixed Rate Mortgages are varying between 4.75 – 5.375% depending on loan type (conventional, FHA, VA, etc.), LTV, FICO & about 50 other things lenders won’t tell you about!
It also means that rates are more than likely going to be changing again soon if Bernanke tells the Senate that the Fed intends to lower their QE purchasing (or not)….right now rates have shot up on a rumor they might be easing up...I guess we will all know on Thursday
Special thank you to:
Craig Inglis
Loan Officer
"There is no I in Real Estate only YOU!"
Bill Yarnall
Real Estate Expert
Keller Williams Realty Sun Coast
St. Pete Beach
263 Corey Avenue
St. Pete Beach, FL 33706, US
Cell: (859) 200-7449
Office: (727) 367-3756
Fax: (727) 367-6170
Website: http://wyarnall.kwrealty.com
Facebook: https://www.facebook.com/BillYarnallRealty
Twitter: @StPete_Homes
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