Mortgage News Blog

     This week will be full of what the Fed will do next week during their schedule meeting June 22-23.  The main debate as always will be whether they will raise their Fed Fund Rate which is the short term interest rate that banks change each other for use of overnight funds. If they raise the rate too fast, it could cause [...]

      What a week we had!       US Job Rate came in at a surprise. Traders expected around 500,000 but got 431,000 with the majority of them being Census Jobs (411,000) which are temporary and will end soon. About the only good news out of this Jobs Report was that average hours worked improved. The Greece and the oil [...]

     It was another volatile week for the stock market as stocks lost ground and traders flocked to the bond market for security. Europe was the headline news as traders worry if Greece will be able to turn their overall financial situation around or if they will default on their loans in the future.      [...]

      Like the song at the Disney’s attraction, it is definitely a “Small World After All”.       The Euro zone is still dealing with Greece’s economic woes and along the way, Spain, Italy and Portugal also are experiencing economic stability. This news had money flowing into the bond market as the European Central Bank unveiled [...]

     Last week, the Federal Open Market Committee announced after their two day meeting last week that they would leave short term interest rates at their present level. They also left their wording the same “extended period” with St. Louis Federal Reserve President Thomas Hoenig being the lone dissector as he is concerned that inflation is [...]

     Good news! USDA HR 502 passed the House of Congress and is now on its way to the Senate for passage. This bill re-capitalized the USDA fund with $30 Billion of funding. Once it passes the Senate, it is then on to the President’s desk for signature.      USDA loans are property specific and [...]

      Mortgage interest rates will continue to bounce up and down as traders are trying to figure out which way the market will go since most of the different Federal Government’s stimulus monies have ended or will be coming to an end.        This Thursday marks the 40th anniversary of Earth Day. And in this MMG Weekly Review is [...]