| What’s Ahead For Mortgage Rates This Week : September 19, 2011 Posted: 19 Sep 2011 05:47 AM PDT
Mortgage rates rose for the first time in three weeks last week, pushing conforming and FHA mortgage rates in AZ off their all-time, historical lows. Rates were at their lowest Tuesday morning, then rose through Friday’s afternoon closing. Markets open this week with an eye toward the world’s central banks. In the Eurozone, central bankers (continue to) discuss the debt burdens of Greece and whether a coordinated intervention is necessary. Without it, some economists believe that the nation-state will default on its sovereign debt, which would then create additional financial stress within other nations in the region. Italy is included among those countries. In the United States, central bankers are making equally-important choices. The Federal Open Market Committee will emerge from a 2-day meeting Wednesday and is expected to announce new stimulus for the U.S. economy. Since 2009, the Federal Reserve has twice stimulated the economy via an open-market, bond buying initiative. The programs created demand for mortgage bonds which, in turn, lowered mortgage rates for U.S. homeowners. If the Fed chooses this path a third time, expect for mortgage rates to fall in Phoenix. If the Fed’s sponsored stimulus is something else, however — or if the Fed choose to do nothing — mortgage rates may rise. There is economic data due this week, including the Existing Home Sales and Housing Starts report, but it will be the world’s central bankers that sit in spotlights. Expect volatile mortgage rates this week. Wall Street can only guess what governments will do to stimulate their respective economies and can lead to wild swings in pricing. The “safe play” is to lock a rate while we’re still near all-time lows. Once rates reverse higher, they’re expected to rise quickly.
I want to thank Mark Taylor for the information, you can reach him via email Mark@awesomerates
If you have any real estate needs I would be happy to help you! Lisa 480-655-0904 281 7772400 10058400 259 261 257 276 262 279 1 0`````````````````````` 5 1 0 285 282 1 False 0 0 0 0 -1 304800 243 True 128 77 255 3175 3175 70 True True True True True 278 134217728 8 Empty 16711680 52479 26367 13421772 16737792 13382502 16777215 Bluebird 22860000 22860000 (`@````````` 266 263 5 110185200 110185200 |
Monday, September 19, 2011
What’s Ahead For Mortgage Rates This Week : September 19, 2011
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Mortgage bonds worsened last week as Eurozone default fears eased abroad, and expectations for a domestic stimulus increased. 
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