Weekly Mortgage Update

There has been a lot of news this week,  the news regarding Bin Laden and the announcement regarding the number of jobs added last month will have a positive impact on public’s sentiment.  As the consumer feels better about their world, this will translate into spending which will help sustain the recovery.  And while the stock market is off a bit this week, it is still up 5% for the year.  This too helps the general feeling that things are getting better.

All of this should add fuel to the inflation fire and drive rates up.  BUT, the Fed is hard at work and continues to buy mortgage backed securities.  This has pushed rates back down to where they were in January.  The Fed is scheduled to stop doing this the end of June.  Be prepared.  Buyers-do not wait…either for a good rate, or an In-N-Out double-double.

This week Freddie Mac’s 30 yr. fixed rate survey ranged between 4.625% and 4.75% depending on program, credit and points.

Ted Clay
Senior Loan Officer
Senior Loan Consultant
NMLSR # 217991
OK License # MLO01963
Office: 405-341-8644 x 102
Cell: 405-826-1320
Fax: 866-208-5309
tclay@wrstarkey.com
www.TedClay.com

WR Starkey Mortgage, LLP NMLSR # 2146
10 E. Campbell
Edmond, OK 73034