Weekly Mortgage Newsletter Week of August 14, 2011 Mortgage Market Commentary
Last week was a truly chaotic week for financial markets. With the S&P downgrade of US debt to start the week, traders, analysts, and everyone involved in the financial world prepared themselves for a wild week. The US Federal Reserve released its policy announcement, promising to keep rates low for the next two years. In Europe, concerns exploded that Spain and Italy would soon be in financial crises, and as the week ended, France was added to the list. Stock markets around the world bucked up and down, and by the end of the week, one thing was fairly clear. Downgraded US Treasuries are still seen as one of the safest, most-secure places to park your cash in times of trouble. Mortgage rates ended the week lower again, with concerns that the US economy remains weak. While there are many things around the globe that could influence US mortgage rates again, we may see the US economy as the primary source guiding interest rates. If we see signs that the economy is improving, rates are likely to move upward, but signs of weakness may push rates further downward.
Is This Ironic or What? In 1999, the for-sale-by-owner real estate approach got a huge boost with the launch of the highly successful website ForSaleByOwner.com. Colby Sambrotto, one of the site’s founders, spent about six months recently trying to sell his 2,000 square foot Manhattan condo by himself. When his efforts were unsuccessful, he turned to a local broker, who raised the price and closed a sale. Want to talk about the FSBO concept? Give me a ring, and I’ll share my opinion.
Stock Market Trend Dow Jones 12,500.00 12,000.00
10,500.00 19-M ay
Mortgage Rate Watcher 15 Day Rate Trend 30 Day Rate Trend Market Volatility
Î Î High
Lasting change is a series of compromises. And compromise is all right, as long your values don't change.
4.25% 3.75% 3.25% 2.75% 5/26
10 Year Treasury Note Trend 3.25
Private Mortgage Banker y NMLSR ID 21242
10 Year Treasury Note
20 Day Moving Ave
205 E. 42nd St., 6 th Floor, New York, NY 10017
All first mortgage products are provided by DE Capital Mortgage, LLC. DE Capital Mortgage, LLC may not be available in your area. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2011 DE Capital Mortgage, LLC. All Rights Reserved. NMLSR ID 345546 #564987 3/11-06/11