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What’s News for Mortgage Rates This Week: June 20th

June 20, 2011 by · Leave a Comment 

Marilyn Monroe - The Seven Year ItchThe iconic white dress that Marilyn Monroe wore in the movie “The Seven Year Itch” sold for $4.6 million during the Father’s Day weekend. What’s even more shocking is that the buyer must pay an additional $1 million commission.

The iconic white dress was only expected to sell for $2 million due to the recession. But similar to real estate, you never know what a buyer is truly willing to spend until the moment of truth.

In less shocking news was all the confirmation last week that the economy has slowed after a short burst of growth. The Empire State Index and Philadelphia Fed are now entrenched in contraction. The NAHB Housing Market Index is at its worst level in many many months.

The surprises from last week was May Retail Sales, May Housing Starts and May Building Permits exceeded expectations.

The economic calendar this week doesn’t offer much for real estate other than May Home Sales. The debt problem in Greece continues to dominate financial sectors with increasing debate whether the European Union will remain in tact and how much more Germany and France will take in holding the Union together.

The head turning event this week will be Ben Bernanke’s press conference following the FOMC meeting on Wednesday. The Federal Reserve will likely try to portray the economic recovery with rose-colored glasses and will continue to keep interest rates low through the rest of this year if not into next year. Quantitative Easing 2 officially comes to its finale at the end of the month but financial markets will be listening for any clues to a third round of Quantitative Easing.

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

Key Economic Reports for Week of June 20th by James Barath

This is What’s News for Mortgage Rates This Week: June 20th.

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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