Where Are You?
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|Week of: Monday, July 04, 2011
Present Market Conditions
Rates rose slightly this week due in part to a few factors; progress on the Greek aid package, stronger US manufacturing data, the June 30th end of the Fed’s bond buying program and housing market news. According to Frank Nothaft, vice president and chief economist for Freddie Mac, “Interest rates on 30 year fixed mortgages have been consistent for the fourth consecutive week following mixed reports on the strength of the economy. Meanwhile, there are some signs of improvement in the housing market. In April, the S & P/Case Shiller 20 city composite home price index rose 0.7 percent representing the first monthly increase since July 2010.”
All markets will be closed on July 4th in observance of our nation’s Independence Day. Treasury auctions begin on Tuesday along with the release of Factory Orders. ADP Employment and ISM Services reports will be out on Wednesday and the week will close with the biggest economic news, the Employment report released on Friday.
Rates continue to remain near historic lows and afford excellent refinance or purchase opportunities. Consult with your financial professional today to structure a mortgage to meet your needs.