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The Week Ahead for Mortgage Rates: August 22, 2011

August 22, 2011 by · Leave a Comment 

John McEnroe Sports Illustrated Cover by James BarathIf you love tennis, you undoubtedly have heard about the weekend withdrawal of Novak Djokovic who was on a torrid winning streak unheralded since John McEnroe in 1984. What is remarkable about Djokovic’s winning streak is the caliber of elite players  he beat and the tournaments won.

Just like Djokovic’s historic winning streak, mortgage rates have also been on their own historic run. Although many of the tennis experts expected Djokovic to surpass John McEnroe’s historic 1984 win-loss performance it all came to a crashing end.

Will mortgage rates have the same quick demise? Some would say yes based on the history of mortgage rate corrections.

When talking about mortgage rates and what else could impact them this week its still all about what is occurring in Europe with the bank and sovereign debt problems. There will also be another round of Treasury auctions that will start Tuesday with $35 Billion of 2 year notes, Wednesday with $35 Billion of 5 year notes and Thursday with $29 Billion of 7 year notes.

There are only a couple of high impact economic releases to consider this week with July New Home Sales and the second look at the 2nd Quarter GDP. On Friday the opening of the annual Jackson Hole conference where markets are expecting something from Ben Bernanke on what, if anything the Fed can do to rev up the economy. Look for continued volatility in stocks and bonds this week.

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

Key Economic Reports for Week of August 22nd by James Barath

This is The Week Ahead for Mortgage Rates: August 22, 2011.

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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