Weekly Mortgage Update
| Not a lot of news in this shortened week. The big news was really President Obama’s speech. But more government intervention, while helpful in some regards, is still more of a Band-Aid in my opinion. The Fed Beige Book showed some districts with stronger economic growth (Dallas) and some with slower growth (Philly, Richmond and Chicago). There is mixed news out of Europe as well, albeit political rhetoric. It’s this mixed bag that puts us in a very tentative place where we could fall into another recession or continue to slowly improve. The result is that rates will continue to stay low and people will continue to worry. Uncertainty is what keeps people from action and perhaps your buyers are feeling some of this. That said, we have bumped up against a level of resistance for lower rates that we have not been able to break through. What this tells me is that rates are about as low as they will go unless we have a MAJOR meltdown of some sort. This week Freddie Mac’s 30 yr. fixed rate survey remained at 4.12% depending on program, credit and points.
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| 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 |