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What’s News for Mortgage Rates This Week: June 13th

June 13, 2011 by · Leave a Comment 

Jeff Gordon Wins Pocono 500 AgainHistory was made this weekend and it didn’t involve Derek Jeter nor Lebron James. It was made by the “Wonder Boy” of the race track Jeff Gordon. As the driver of the number 24 car, Jeff Gordon joined an elite group of NASCAR competitors insuring his role in the history books.

Speaking of history, the housing market has been in unheralded territory as of late. Even Robert Shiller, co-creator of the S&P / Case-Shiller Home Price Index, recently had this to state. “This housing boom and bust is so historic and unprecedented, you can’t forecast the future because you have no comparisons.”

Although there may be some truth in Robert Shiller’s statement, this week is filled with key economic reports that will make history…at least for the next 30 days. Inflation will be the top news for the week as both May Producer Price Index and Consumer Price Index will validate the pinch in consumers wallets even if Wall Street doesn’t believe.

When it comes to providing a ray of hope in the economy, much of it was doused last month when the Philadelphia Fed, the New York Fed, and the Richmond Fed districts shocked financial markets with extremely weak reports on the regional economies. All of this weeks key economic reports are forecasted to repeat that negative sentiment.

Treasury and mortgage rates are at record low levels again. Unfortunately, consumer credit remains hard to get with the Fed, Congress and the Administration fighting over bipartisan approval of a long-term solution to the Congressional budget. If you’re on the fence about buying a home or falling home prices, you’re biggest concern should be about whether or not Congress will legislate away your ability to even finance a home!

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

Key Economic Reports for Week of June 13th by James Barath

This is What’s News for Mortgage Rates This Week: June 13th.

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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