Weekly Mortgage Update

There was some good news on jobless claims this week showing that the economy continues to add jobs. But the housing data came out weak, overshadowing the jobs numbers and confirming that our recovery has its ups and downs. Building permits, housing starts and existing home sales all came in lower than last month. A weak week means inflation is still not in the picture and consequently rates dropped a bit. Good news for home buyers.

But when I went grocery shopping this week it got me started thinking about the low inflation numbers that are helping to keep interest rates low. I looked at the prices and I filled up my gas tank and looked at the total and inflation is sure back in MY pocket book. So why are the numbers so low when it comes to inflation that the Fed monitors? Well, HOUSING is a huge part of the CPI and housing is AMAZINGLY affordable these days. So while that package of bacon now costs $10 and my gas tank requires $75 to fill up, my mortgage payment is comparatively LOW. Housing is the BEST buy in the market place today and buyers need to grab one.

This week Freddie Mac’s 30 yr. fixed rate survey dropped to 4.61%, 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

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

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