Market Overview, Weekly Review

What’s News for Mortgage Rates This Week: November 8th

November 8, 2010 by · Leave a Comment 

Quantitative Easing 2After all last week’s big news, Traders will continue to digest all the happenings and will have a somewhat quiet economic news week ahead, including the Bond Market being closed on Thursday in honor of Veteran’s Day.

There are no major economic reports until Wednesday, which will bring another look at employment with the Initial and Continuing Jobless Claims Report. Last week’s Initial Jobless Claims were 457,000, above the 445,000 that was expected, while Continuing Jobless Claims fell 42,000 to 4.34 Million. Initial Jobless Claims have been stuck to that mid-400’s level like a magnet for a very long time – and a real, sustained movement below 400,000 is needed in order for the market to feel confident that labor is recovering.

Also this week we’ll get a read on Consumer Sentiment on Friday – always an important number, but particularly of note for retailers, especially as we head into the holiday shopping season.

Bonds and home loan rates had some ups and downs last week in response to the Federal Reserves Quantitative Easing (QE2) announcement and the Jobs Report. I’ll be keeping a close eye on the volatility as this week progresses.

This is What’s News for Mortgage Rates This Week: November 8th.

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.

Do you have a car lease that you can no longer afford? How about a car lease you just don’t want any more? Check out the Mortgage Market Guide View to learn the steps of Getting Out of a Car Lease.

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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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