Skip to content

Turmoil in Libya pushes oil up and mortgage rates down

February 22, 2011

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

  • Short-term – Cautiously FLOAT
  • Long-term – LOCK

Please note that the turmoil in Libya has savaged equities markets.  Oil has increased in price and bonds have once again been elevated to safe haven status.  I am predicting the will be the single most influential driver this week for mortgages.  The week ahead for economic data that can also affect mortgage interest rates.

Tuesday

  • Case/Shiller Home Price Index
  • Consumer Confidence
  • $35 Billion 2-year Treasury Auction

Wednesday

  • MBA Weekly Mortgage Applications
  • Existing Home Sales
  • $35 Billion 5-year Treasury Auction

Thursday

  • Weekly Jobless Claims
  • Durable Goods Orders
  • FHFA Housing Price Index
  • New Home Sales
  • $29 Billion 7-year Treasury Auction

Friday

  • Quarterly GDP
  • University of Michigan Consumer Sentiment
Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: