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July 21, 2008
What will affect rates this week?
Inflation was the big newsmaker last week, and the news this coming week will be focused on the housing market, as both New and Existing Home Sales Reports will be released. It won't be much of a surprise to see some continued sluggishness in the nation's overall housing market.
Also this week will come a look at Durable Goods Orders, which is simply a measure of how many "durable" or non-disposable goods have been purchased during the previous month. Durable goods are those products which are expected to last longer than three years, such as televisions, golf clubs, furniture, office equipment, and cars. With consumables like food and energy taking such a bite out of most people's budget, it will be interesting to see the level of buying for these types of items...it wouldn't be surprising to see it at somewhat low levels. Additionally, a look at Consumer Sentiment will arrive, with a read on how positive - or not - consumers are feeling about their current and future economic conditions.
Remember when Bond prices move higher, home loan rates move lower...and vice versa. And this week, Bond prices took a very steep dive indeed, causing home loan rates to worsen. Bonds were pushed sharply lower by the news of the week, and an inability to defeat a strong overhead ceiling of resistance at the 200-day Moving Average. If this week's news isn't Bond friendly, Bond prices could continue their dive lower, and cause home loan rates to worsen further still...but some negative economic news could pull money out of Stocks and into Bonds, give Bonds a boost higher, and help home loan rates regain some lost ground.
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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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