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The Week Ahead for Mortgage Rates: September 12, 2011

September 12, 2011 by · Leave a Comment 

National September 11 Memorial Car Always RememberNo matter what you were doing yesterday, there is no doubt that the 10-year anniversary of 9/11 was a part of the conversation. Every newspaper, news coverage, tv station and sporting events paid tribute to the many heros and lives lost.

The National September 11 Memorial & Museum | World Trade Center Memorial is officially open to the public as of today. Let this Memorial forever remind us of the greatness that binds this country and our people.

With that being said, the debt crisis in Europe continues to impact US markets as Greece looks for a second infusion of cash to avoid default. Just like individual borrowers, the country of Greece has to decide if it can meet it’s new financial obligations or if it would be better to default and start over.

Just the rumblings of Greece defaulting is already weighing negatively on European banks. Ultimately, this will affect the US markets. Expect continued volalitility this week as investors seek a safe place to park their money while trying to figure out what will come of the continued sovereign debt issues in Europe. 

In domestic news, both the 10 year note and mortgage bonds will start the week at 60 year historic lows. All eyes are waiting to see when and how investors will embrace Obama’s new job plan. If the stock market reaction since his speech is any indication…investors do not like it.

Much of the key economic reports will be toward the end of the week. In the meantime, US Treasury will auction off another $66 billion of notes and bonds Monday through Wednesday. If you are looking to close your purchase home loan this week, you would be best advised to keep your mortgage professional on speed dial this week.

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

Key Economic Reports for Week of September 12th by James Barath

This is The Week Ahead for Mortgage Rates: September 12, 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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