Market Overview, Mortgage News, Weekly Review

What’s News for Mortgage Rates This Week: November 29th

November 29, 2010 by · Leave a Comment 

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During the Thanksgiving holiday shortened week, both stocks and bond market were extra volatile due to lackluster volume.

For mortgage bonds it meant three positive days and one bad day. The one bad day unfortunately was one of the Top 10 worst days for mortgage bonds in 2010. The one bad day resulted with mortgage rates increasing for the 4th consecutive week.

Although there are no economic reports today, the financial markets are staying focused on the geo-political unrest in Southeast Asia and financial woes that are being addressed in Europe. They are also keeping a close eye on the end results from both Black Friday and Cyber Monday.

Economic reports for the week begin on Tuesday with the Chicago PMI, which is also known as the Business Barometer, and Consumer Confidence for November.

On Wednesday, the ADP National Employment Report will be released. Analysts estimate that 58,000 jobs will have been added by nonfarm private payrolls in the month of November. This will be followed on Thursday with the weekly Initial Jobless Claims.

The ISM Index will also be published on Wednesday and will provide the single most important reading on the health of the manufacturing sector nationwide. Not to be left out on Wednesday, the Federal Reserve’s Beige Book will be released with little fan fare.

Thursday will be of importance for the real estate industry as Pending Home Sales try to get back on track. At a minimal the report is expected to show neither an increase nor a decrease from the prior months report.

Friday once again will end with a bang as Non-Farm Payrolls, Unemployment Rate, Hourly Earnings and Average Work Week will be released. Guesstimates are for the creation of 130,00 jobs. Although 130,000 jobs is not the turn around for the economy, it can be a good sustainable start so long as the prior months employment numbers do not get revised downward.

If you are in the home loan process and have a weak stomach, call today and lock-in your home loan rate.

This is What’s News for Mortgage Rates This Week: November 29th.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Worsen

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Improve

Want to see what other economic reports might impact home buyers and home refinance options in the coming week? Visit the Mortgage Market Update and check out the Economic Calendar.

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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