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September 25, 2008
What will affect rates this week?
Update on the Financial Markets
Mortgage Bonds are trading higher today in response to some weaker than expected economic news. Durable Goods were reported at -4.5%, far less than expected at -1.3%. Remember, durable order purchases require financing and that is why the new rescue plan needs to be passed – to free up liquidity in the lending system. Consumers and businesses will then be able to purchase these durable goods. If financing is not there, it could have long term negative effects on our entire banking system.
Also helping mortgage bonds today was a jump in initial jobless claims which were at 493,000 well above expectations of 450,000 and the highest reading in seven years. This shows continued weakness in our labor market and a poor jobs report next Friday.
Fed Chairman Ben Bernake and Treasury Secretary Hank Paulson continued their crusade on Capital Hill yesterday pleading their case for a proposed $700 Billion rescue plan. Last night President Bush stated that the rescue plan was critical and needed to avoid a long painful recession. This plan doesn’t bail out Wall Street; it actually helps every American freeing up the lending system. It’s a good deal for Americans and needed boost for the Real Estate Market.
Enjoy the Day!
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If you're a prospective first-time homebuyer, you don't need us to tell you that you've lived by other people's rules long enough. First your parents and your college then your landlord and your roommates - you've had enough of listening to what everyone else has to say.
At Ryan Mortgage, we don't give you instructions; we give you options and advice, all of it aimed at making the mortgage application process as seamless as possible, find the loan that's best suited to your needs and, most importantly, getting your application approved so you can get into your own home, where you make the rules.
We'll take a look at where you are financially and where you want to be as a homeowner.
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Then we'll help you look at options and identify the loan that's right for you.
And we'll keep working with you until you close on a sale. After that, it's all up to you - just like it should be.
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