Weekly Mortgage Update
| The economic news continues to come in ‘lack-luster’ but is still positive enough to keep traders from thinking that we will hit a double-dip recession and encounter deflation. The core PRODUCER price index (inflation for the cost of making stuff) came in just over 1%. The core CONSUMER price index (inflation for the end products we buy) came in at 0. Both of these show that neither inflation nor deflation is in the picture. As a result, rates traded in a narrow range with improvement early in the week only to give back those gains later in the week, reacting mostly to currency fluctuation and the push pull trading between stocks and bonds.
What this means to you is that, while the economy is trudging along the bottom of the recession curve, you have yet MORE time to get HISTORIC low rates! The way I see it, the longer rates stay in this low range, the more time you have to take this incredible opportunity. While rates have not risen, they have NOT gone lower and they WILL go up when the economy begins to improve.
This week 30 yr. fixed rates ranged between 4.25 and 4.375% depending on program, credit and points. |
| Ted Clay Sr. Loan Officer NMLSR # 217991 OK License # MLO01963 Office: 405-341-8644 |