First Week of 2008: Mortgage Rates Plunge on Weak Economic Data
- By:
- Paul King | January 04, 2008
December's ISM (Institute of Supply Management) reported the weakest reading in almost 5 years. This reports measures factory orders and is seen as a way to understand the strength of the manufacturing sector of the economy. Its weakness is a sign of economic decline, and suggests movement towards recession.
The Federal Reserve released its last FOMC minutes in the afternoon on Wednesday. The minutes revealed that there was no objection within the members to cut rates, and furthermore that many members felt that further cuts may be necessary to prevent further deterioration in the housing sector.
Finally, today's December Employment report showed both a higher than expected unemployment rate but also a much lower than expected rate of new job creation.
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Mortgage Rates Will Move
- By:
- Bill Rice - MortgageLoan.com | November 19, 2008
Expect significant mortgage rate movement today with the release of CPI.
Mortgage Rates Drop
- By:
- Bill Rice - MortgageLoan.com | November 14, 2008
Mortgage rates drop again for the second straight week.
TARP Redirect Plunges MBS
- By:
- Bill Rice - MortgageLoan.com | November 13, 2008
US Treasury Secretary Paulson's sharp redirection on the objective of the TARP funds had a dramatic effect on overnight markets and the MBS market.
Veterans Day-Markets Closed
- By:
- Bill Rice - MortgageLoan.com | November 11, 2008
Mortgage rates stay flat on Monday and markets are closed today for Veteran's Day.
Mortgage Rates Fall for Week
- By:
- Bill Rice - MortgageLoan.com | November 07, 2008
Mortgage rates continue to fall, but rising unemployment and tightening lending standards are forcing borrowers to stay on the sidelines.
Mortgage Rates Back Down
- By:
- Bill Rice - MortgageLoan.com | November 06, 2008
30 year fixed rate mortgage is back down to 6 percent.
Mortgage Rate Watch
- By:
- Bill Rice - MortgageLoan.com | November 05, 2008
Yesterday was a good day for mortgage rates as they eased on the eve of Presidential election finality. However, today is likely to be a mortgage market referendum on President-elect Barack Obama.
Choppy Waters for Mortgage Rates
- By:
- Bill Rice - MortgageLoan.com | November 03, 2008
Not a lot of mortgage rate impacting news this week, but Presidential elections always do surprising things to markets.
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