Given global economic conditions and the mortgage bond market’s status as a “safe market”, the failure of rates to fall last week suggests that this may be as low as mortgage rates get. It’s time to look at locking in. [...]
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There are some U.S. towns in which the cost of living remains affordable — and downright cheap — as compared to the national average. [...] Mortgage markets improved again last week on a revised economic outlook for the U.S. economy, and ongoing concerns about Greece and its sovereign debt. [...] Mortgage markets improved last week as Wall Street managed news on both sides of the economic coin. There were several instances of higher-than-expected inflation — an event that tends to lead rates higher — but weak domestic jobs data and a soft manufacturing report suppressed the damage. [...] Mortgage markets moved in feverish fashion last week, eventually ending slightly worse on the week. Conforming mortgage rates fell to a 6-month low Wednesday but, by Friday, they had retreated higher. [...] The Federal Reserve released its April 2011 Federal Open Market Committee meeting minutes Wednesday. In the hours since, mortgage markets have worsened. [...] Be prepared for Friday morning. Mortgage rates and home affordability could worsen quickly. At 8:30 AM ET, the Bureau of Labor Statistics releases its April Non-Farm Payrolls report and momentum has been strong. [...] The March CPI data is expected to show an increase in the cost of living for the 17th straight month — a reading that would take CPI to an all-time high. This would be awful for mortgage rates. [...] Mortgage markets worsened last week as energy costs remained high, and jobs data looked strong. The safe haven buying that characterized the March mortgage market has subsided. [...] Last week marked the 5th straight week through which mortgage rates improved. It’s the longest such streak since August 2010 and, this week, rates may run lower again. You may not want to gamble on it, though. [...] |
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