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What’s News for Mortgage Rates This Week: July 5th

Fireworks by ivanastar | iStockphoto.comCelebrating America’s birthday has become an annual tradition of spectacular firework displays. This year was no different for many communities throughout Northwest Indiana. Explosions were abundant and the wow factor was evident throughout the skyline.

Speaking of explosive events, there is nothing more significant and important as the monthly employment report. On Wednesday the ADP Employment Report will be released providing a sneak peak into payrolls. Friday will be the June Employment Report with expectations of 80,000 – 110,000 new non-farm private jobs and a 9.1% unemployment rate.

US mortgage bonds took a significant hit last week losing 141 bps for the week as investor money flowed into the stock market. The renewed faith in the stock market came as the Greece default was overted, Quantitative Easing 2 finalized purchases of bonds and the economy showed signs of improvement.

What does that really mean?

Mortgage rates increased substantially for home shoppers who had not locked their home loan rate prior to last week. Furthermore, home loan rates have likely seen their best levels for awhile, as long as the economic data confirms growth and no other European country headlines into default fears.

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

Key Economic Reports for Week of July 5th by James Barath

This is What’s News for Mortgage Rates This Week: July 5th.

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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