Weekly Mortgage Update

Inflation data came in higher than expected for July which would normally push rates higher. But there is so much concern over the possibility of a ‘double-dip’ recession that no one is worried about inflation in the near future. Also, it’s becoming increasingly clear that the Eurozone is headed for default sooner rather than later. We are in a global world and the prospect of a Euro-meltdown would definitely have an effect on our economy. This further fuels the ‘double-dip’ fears here in the US with the net result of continued low interest rates.

Housing numbers came out for July as well and showed continued weakness in the US housing market. Remember though, real estate is a local business which is colored by the national job market. In our area, job growth and real estate are much stronger than the rest of the country. Buyers and sellers need to take advantage of the ‘Double-Deal’ that is in front of them. They are LOW housing prices and LOW rates. If you can LOCK in this combination NOW, 3 years hence you will realize that you secured the deal of a lifetime. Talk about security in an uncertain time. This is it!

This week Freddie Mac’s 30 yr. fixed rate survey ended up at 4.15% 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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