No Bull Agent
What’s Ahead for Mortgage Rates this Week: September 13, 2010
By: Greg Wickstrand
Information in this post is provided by Greg Wickstrand, Home Loan Consultant for HomeServices Lending. He is a guest blogger who provides us information from a lender’s perspective. For additional posts by Greg, please visit his BLOG.
A shift in Wall Street sentiment caused mortgage markets to worsen last week. There wasn’t much in the way of new data, but the numbers that did hit the street helped quell fears of a double-dip recession.
Conforming mortgage rates rose between Monday-Friday for the first time since June, and mortgage-backed securities have now lost ground on six of the last 7 trading days.
During this period, conforming mortgage rates have risen by as much as 0.375 percent.
Mortgage rates for FHA-insured home loans are higher, too.
Remember, concern for the future of the U.S. economy was a major catalyst for low rates this summer. The drop in rates, which began in April on weaker-than-expected data, accelerated through July and August on record-low home sales and a stalled jobs market.
Lately, though, these concerns are turning to hope. Read the rest of this entry »