What a week is it was. After a start of a lower bond market which translated in to slightly higher mortgage interest rates, the market flipped and we got lower mortgage interest rates.
This was caused by a not so good Initial Jobless Claims, ADP inside numbers being not so good, and parts of Euro Zone having problems. Greece has been back in the news. And if they aren’t able to pull themselves out, it may cause problems in Portugal, Spain and Italy. This could cause a ripple effect back to us since we do live in a global economy.
This week will be a much quieter week except we do have Initial Jobless Claims as well as another round of Treasury auctions. If the auctiions aren’t well received, the bond market could move back down.
With the 30 Year 4.5% coupon almost hitting the ceiling of resistance, technicals could come in and we may hit it and come back down. The chart in this week’s MMG Weekly shows the overhead resistance and how the coupon has been trending. For this week, I will consider locking in your mortgage interest rates to take advantage of these lower interest rates before the coupon does hit and reverse direction.
Also in this week’s MMG Weekly is an article about the new mileage rates for 2010.
You can also check out the Daily Rate Lock Advisory each day. This report normally comes out around 10am.
And as always, I will report daily on twitter @mmtgsolutions on the mortgage interest rates and what to expect for the day. If one of these reports moves the market in a significant manner, I’ll write about it here.
Please remember, I welcome your comments to this and my other posts.
To an inspiring week,
Betsy Moore
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