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The Week Ahead for Mortgage Rates: October 3, 2011

October 3, 2011 by · 1 Comment 

The Complete Greek Tragedies, Volume 2 SophoclesWhen you think of Greek tragedies, you might think of Oedipus the King, Agamemnon or even Helen. Not too many would thing of the present day Greece economy as a tragedy; however, it is on the verge of becoming just that as it gets closer to financial default.

Technically, Greece has no way of honoring it’s debt payments and therefore is reliant on the aid from the other members of the European Union to sustain an economy that could have negative impact globally. Greece’s next round of funds will come on October 13th. The only question is can they survive until then.

Speaking of Greek tragedies, the US employment market has become just that over the past several months. During the normal cyclical season of high job growth, there has been a sparse number of sustainable private sector jobs.

As-is every month, the most significant economic report is the employment report that will be released this Friday. Many fear that the estimates of 60,000 non-farm jobs and 83,000 non-farm private jobs for September is just a Trojan Horse in disguise.

Even if the employment estimates are true, the marginal job growth suggests that the economy is tilting towards another recession. Mortgage rates as of recent have been volatile on a daily basis thanks to the volatility in the equity markets and Greece. The jobs report might just add fuel to the fire.

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

Key Economic Reports for Week of October 3rd by James Barath

This is The Week Ahead for Mortgage Rates: October 3, 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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