Weekly Mortgage Newsletter Week of Oct. 9, 2011 Mortgage Market Commentary
Once again, long-term mortgage rates found their way into record setting territory, but as the week ended, rates became volatile, reminding us that things can change very quickly in a very short period of time. Economically, last week’s news did reveal some signs of hope. More jobs were created last month than expected and previous months’ jobs numbers were adjusted upward. Additionally, the ISM Index came in with a surprise increase, adding hope that we may not slide back into recession. This week could easily see mortgage rates moving either way. It is worth noting that while they could move downward, it will not be very far. While increases in rates could be much larger. Retail sales data will likely be the most prominent economic data of the week. If we get an increase in sales near, or above, 1.0%, mortgage rates are likely to tick upward. Over the next few weeks, gas prices may be worth watching. If they continue to move downward, especially if national averages fall under $3 per gallon, we could see rates moving upward as consumers have more money to spend.
Millions Waiting To Buy! Last week, Hanley Wood released its “Housing 360 Survey,” with a surprising finding. There may be two million people in the US planning to buy a home - when the time is right. 19% of current homeowners and 29% of renters are planning to buy a home in the next two years. Even with all the challenges in the housing marketing, the survey found that 89% of homeowners and 59% of renters feel that home ownership is important to the American family.
Stock Market Trend Dow Jones 12,500 .00
10,500 .00 15-Jul
Mortgage Rate Watcher 15 Day Rate Trend
30 Day Rate Trend
Originality is unexplored territory. You get there by carrying a canoe - you can't take a taxi.
~ Alan Alda
2.75% 7/2 1
10 Year Treasury Note Trend 3.00
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