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The Week Ahead for Mortgage Rates: October 24, 2011

October 24, 2011 by · Leave a Comment 

Sinking Home by Kial | iStockphoto.comIn another attempt to help homeowners who are underwater on their principle residence, the Federal Housing Finance Agency (FHFA) announced this morning that it is making revisions to the Home Affordable Refinance Program (HARP) to encourage more lenders to participate.

Leak of the announcement over the weekend had many real estate analysts pondering what this new initiative would entail. With the press release, “US Regulator Unveils Help for Underwater Homeowners” we are starting to learn the details. Thus far, this is just an expansion of the existing HARP loan with a huge emphasis on enticing lenders to move forward.

In regards to other economic news the headline remains the same. Will the European officials actually come up with a plan the takes Greece and the other back from the edge of the cliff? We believe they will have something but we also believe whatever comes from the meeting now scheduled for Wednesday will be just a bandage that will not end the crisis facing Europe’s banks and the countries in the region hanging by their finger nails.

On top of the uncertainty over Europe and the volatility it has generated in US equity markets; Treasury will auction collectively $99 Billion of notes on Tuesday, Wednesday and Thursday. Recent auctions have been a little disappointing with demand not as strong as it had been for months when Treasury borrowed. The bond and mortgage markets will likely stay within a narrow range as has been the pattern for the last two weeks.

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

Key Economic Reports for Week of October 24th by James Barath

This is The Week Ahead for Mortgage Rates: October 24, 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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