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The Week Ahead for Mortgage Rates: November 7, 2011

November 7, 2011 by · Leave a Comment 

Anchorman The Legend of Ron BurgundyChicago city officials have proclaimed that today is “Bill Kurtis Day“. The CBS 2 anchor is a legend not only in the 10 O’Clock News format, but also as a producer of documentaries. Will the financial meltdown and real estate crisis since 2008 be his next award-winning documentary? Only time will tell.

This week has little economic data. Nonetheless, Treasury will sell $72 Billion in notes and bonds in its quarterly refunding on Tuesday through Thursday.

The mess in Europe continues to be the dominant influence on US markets. Over the weekend Greece politicians agreed to form a new government with Papandreou stepping down. Even with a new government, Greece will still be required to accept very serious cuts in spending that will impact more jobs and higher taxes in order to get more money from the European Union, International Monetary Fund, European Financial Stability Facility, and European Central Bank.

Next up in the euro contagion is Italy. Berlusconi’s majority is unraveling before a key parliamentary vote tomorrow on the 2010 budget report after contagion from Europe’s sovereign debt crisis pushed the country’s borrowing costs to euro-era records. Debt problems in Europe will not go away for a very long time, if ever without defaults.

About the only economic release this week that will get attention is Thursday’s weekly jobless claims currently expected to be up 3,000 to 400K. Weekly jobless claims in the past six weeks have been hovering at 400K to 412K.

Safety movement into US treasuries is keeping US rates from increasing while there is increasing conviction that the economy is improving. If and when Bill Kurtis does a documentary on the worse financial meltdown and real estate crisis since the Great Depression, may we look back in awe as how we collectively recovered.

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

Key Economic Reports for Week of November 7th by James Barath

This is The Week Ahead for Mortgage Rates: November 7, 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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