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What’s News for Mortgage Rates This Week: May 23rd

May 23, 2011 by · 2 Comments 

I Survived Judgement Day 2011 by James BarathIn case you missed the second coming, you’re not alone. The media and social networks worldwide were all a buzz about the Christian prophecy of Rapture. Needless to say there were not many swept away into the heavens.

Just like prophecies, economic predictions and forecasts can be hit and miss. The most zealous supporters will often see something that doesn’t really exist.

The debate last month by the Federal Reserve at the April 27th FOMC meeting was about when the first potential tightening would occur due to the recovery in the economy. As we saw from last week’s Philadelphia Fed Index along with other economic reports, the economy is not improving as anticipated.

This week it’s all about the treasury auctions. There will be a collective $99 Billion of 2 year, 5 year and 7 year notes auctioned Tuesday through Thursday. Foreign participation will be the key to the success of the treasury auctions. If there is lackluster support from foreign entities, mortgage rates will be certain to rise.

Wall Street will also be on the edge of their seat to see what transpires in Europe with Greece on center stage with unresolved debt issues. This could set up a super volatile week in mortgage bonds as equity markets take it on the chin due to the swings in the currency exchange rate.

Need to lock in your home loan rate this week? Be sure to keep your mortgage professional on speed dial.

The economic calendar this week has the following key economic and financial reports:

Key Economic Reports for Week of May 23rd by James Barath

This is What’s News for Mortgage Rates This Week: May 23rd.

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

If you or someone you know is thinking about buying a home, the combination of low home loan rates and affordable home prices make this an ideal time to buy a home. Want to know if you can afford a new home? Call or text me at 512-522-7284 to discuss your personal situation and your home loan options!

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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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Comments

2 Responses to “What’s News for Mortgage Rates This Week: May 23rd”
  1. I’m thankful the Rapture didn’t happen, at least not in Valparaiso, Indiana! Real Estate would be tough if you have nobody to sell homes to! On a serious note, this article is great and it should really make people think about purchasing a home NOW while prices and mortgage rates are still low. It’s only a matter of time before they both start trending upward.  

  2. I’m thankful that law abiding citizens in Valparaiso Indiana didn’t loot and plunder their neighborhoods. That wouldn’t have helped Valparaiso Indiana home values in the least. lol

    Seriously though, home affordability in Valparaiso Indiana is still at an all time high. Why pay your landlord’s mortgage payment when you could be paying your own?

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