Winter Haven, Florida mortgage markets rallied to near record lows last week, thanks to the Federal Reserve’s pledge to buy $750 billion more mortgage-backed bonds in 2009. (The stock market didn’t do too poorly today either, thanks to Uncle Ben and Mr. Geithner’s gang!)
Conforming mortgage rates fell on the week, overall.
But wait, there’s more! New evidence showed that the U.S. economy may, and I stress may, be reversing direction, thanks to:
- Homebuilders ramping up with home starts
- A decline in in first-time jobless claims
- Inflation rearing it’s noggin’ – showing deflation the door
If the economy can maintain an upward trend through this summer, it will likely fuel stock market gains, drawing cash away from mortgage bonds. This would lead mortgage rates higher — perhaps for good.
Today’s Florida mortgage rate are artificially low, to be sure — supported by government intervention rather than measurable economic fundamentals. After Uncle Ben and Company’s Wednesday afternoon announcement, rates fell to all-time lows before recovering sharply (see my G.I. Joe Post on What to Do when Rates Nosedive) into the weekend on economic optimism and fears of inflation.
U.S. Economic Trend May Continue This Week
In addition to the economic data set to be released this week, the U.S. government unveiled its toxic asset plan today. Wall Street LOVED… like… OMG… REALLY LOVED what the Geithner Gang had to say today. We know this, of course, because all key stock indices gained around 7%, with the Dow Jones index jumping nearly 500 points to close at 7,775 – its highest level in more than a month.
Some of the week’s key events include Monday’s Existing Home Sales report, Wednesday’s New Home Sales report and Friday’s consumer spending report, as well as President Obama’s Tuesday evening address to the nation.
Florida mortgage rate volatility will continue to stay very high from day-to-day and even from hour-to-hour. If you’re shopping for a new home loan and find a mortgage offer that “fits,” consider locking it right away. With so much news hitting the wires this week, the rate quote is likely to expire quickly.
As always, if you need a local Winter Haven area mortgage broker to watch the rates for you, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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Kevin Sandridge
The Florida Mortgage Pro
Signature Home Funding
410 Laurel Cove Way
Winter Haven, FL 33884 |
Mobile: 863-604-3019
Fax: 888-496-0265
Email: kevin.s@sigfunding.com
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I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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