Weekly Mortgage Update

There was not a lot of news this week. Both the consumer and producer price indices came in showing inflation basically unchanged from last month and within the target range of the Fed. One interesting note was that the Empire State Manufacturing Index and the consumer confidence number came in lower than expected. This tells me that we are definitely at the point in a down cycle where people and businesses re-evaluate how fast we will be retuning to where we were. The answer is, not very. It’s slow going during these summer months, but look to see some moderate improvement this fall.

The buzz this week has mostly been about the extension of the debt ceiling. I have never seen so much posturing in Washington. In times like these, I tend to look for direction from the smart guys, and someone once told me that the smart money guys are the bond traders. Rates certainly indicate that the smart money is not worried that a deal will get done as rates actually improved a bit this week.

This week Freddie Mac’s 30 yr. fixed rate survey ended up at 4.51% assuming excellent credit and paying 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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