Monday, November 17, 2008

Mortgage RATES & Market UPDATE

After weeks of sizable swings in mortgage rates, last week saw rates move significantly less. Most rates drifted downward as evidence of economic slowing mounted. Retail sales dropped for the fourth month in a row, plummeting by a record 2.8%.

This week was also filled with announcements regarding numerous government programs related to housing. Both the Federal Housing Finance Agency and the Federal Deposit Insurance Corporation announced programs offering bounties to mortgage servicing companies for modifying troubled mortgages. New RESPA rules also began implementation, along with the announcement that the $700 billion dollar Troubled Asset Relief Program would not be used to buy toxic mortgage debt off financial companies' books.

While financial markets may continue to be rocked on a daily basis, we hope to see mortgage rates remain calmer again this week. If data from the Industrial Production numbers and both the CPI and PPI point to economic slowing with lower inflationary pressures rates my continue downward.

Freddie Mac's Primary Mortgage Market Survey
30 Year Fixed - 6.14%
15 Year Fixed - 5.81%
One Yr ARM - 5.25%


aries28 said...

Do you ever wish you were still just a Real Estate Agent? I know the market will come back, but it could be so much longer than we ever imagined. Good info.!

Roxy's Real Estate News said...

No Real Estate Sells is not for me. I like investing but not selling. Finance is much better avenue for me at least.
But nice thing I can do both if I want to.
Right now I'll press forward.
Not sure what the future holds for me either.

Anonymous said...

Hi Roxy, thanks for dropping by lotus pond. Your dog Molly looks lovable..what breed is she?
I know nothing abt real estate and investing. I am a bit conservative. Nice blog and will come back to read and understand a little bit more.

Lotus frm Asia at

Roxy's Real Estate News said...

Hi Lotus,
Thanks for stoping by. Molly is 1/2Bassett and 1/2 Border Collie.
She has the best of both breeds.