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Week of March 21, 2010
Mortgage Market Commentary
According to some analysts, mortgage rates again “wandered about aimlessly” last week. It is becoming more apparent that the current economic recovery will be a very slow and muted affair, at least for the time being. With manufacturing issues appearing to cool, consumers remaining on the sidelines, and, in last week’s PPI and CPI, inflationary pressures seeming to be nearly nonexistent, the Fed will likely be able to maintain its low rates for some time. The Fed’s policy statement last week said as much, with the Fed leaving rates unchanged again.
This week could be another week of the same for rates, but there are some unknowns coming. While many have pointed out that the Fed continues to have many tools available to influence rates, its campaign of buying mortgage-backed securities will come to an end on March 31st. While there appears to be some significant stability to rates right now, markets can turn quickly. Hopefully it will not happen, but even a false rumor could lead to a spike in mortgage rates in the coming weeks.
Mortgage Rates Economic Snapshot
Bonehead of the Week
A "too confused to be a criminal" bonehead award goes to
Sanjuan Reyes, Jose Torres, and an unnamed teenager in
Joliet, IL. Reyes and Torres acted as lookouts while the
younger teenager entered a supermarket in the middle of
the night, wearing a ski mask and wielding an air pistol.
The teenager could not find anyone to rob, so he headed
back to the alley to tell his fellow crooks. The three
lingered near the store seemingly undecided in what they
should do next, and a nearby resident called police. - UPI
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