This week, rates should be moving somewhere with traders watching 3 things.

The first is these is Earnings Season reports.

Big Banks JP Morgan Chase, Bank of America and Citigroup are reporting quarterly earnings this week.  If balance sheets look healthy and markets are encouraged by the results, it could spark a stock market surge, similar to last quarter.  This would spell out bad news for mortgage rates this week.

How’s The American Consumer Doing?

The second item the markets will be watching is economic data.  In addition to inflation-related data like the Consumer Price Index, markets are watching for Tuesday’s Retail Sales report.

Retail sales are a big economic indicator because consumer spending accounts for two-thirds of the American economy.  If the data is weak, mortgage rates should benefit.

What Does The Fed Think?

Lastly, markets are looking forward to the Wednesday release of last month’s Federal Open Market Committee meeting minutes.

The minutes will give a behind-the-scenes look at the conversations and debates around the Fed’s decision to hold the Fed Funds Rate near 0.000 percent and not purchase additional treasury securities.

Some Friendly Advice

Mortgage rates remain extremely volatile.  Therefore, if you’re actively shopping for a mortgage rate, consider that mortgage rates have been falling for the past 3 consecutive weeks and may be due for a reversal.  All it would take for that to happen is for this week’s economic data to show just a little bit of strength.  If you’re within 30 days of closing, consider locking in.

We could expect traders to pile back into stocks and mortgage rates to suffer.

You Can Stay Updated!

I’ll be following things as they happen with live mortgage bond quotes and do what I can to keep everyone informed with live updates through Twitter.

Here’s this week’s economic calendar:

As a Consumer, How Do You Keep Posted on the News?

I’ll do my best to keep you posted throughout the week via Twitter. If you’re interested in finding out more about what effects mortgage rates and which direction they’re headed, feel free to follow me!

Work With Mortgage Professionals In The Advice Business

It’s important to recognize that advice is extremely valuable when looking for a mortgage. The right advice can literally save you thousands of dollars, while the wrong advice can cost you the same.  Some mortgage professionals really don’t know what mortgage rates are based on, period.  If you want to get the best deal, having a professional that can give you that type of advice is extremely important.

Why Am I Posting A Calendar?

I provide this weekly news update because too often when we’re shopping around, we ask the wrong questions. The first thing you’ve got to have your antenna up on is economic news if you want to have any idea what direction rates are moving.

So You Say, What Are Mortgage Rates Currently?

I get this question all too often. If I’m being fair.. and honest (which is my policy). I would be doing you a huge disservice to just quote a rate.

Truth be told, there are literally 27 different factors that go into a custom rate quote. There are also thousands of programs (constantly changing as well). It’s extremely important that you are educated on what is available and most importantly what is the best mortgage plan for you to personally implement.

It’s natural to have a list of questions. I’d love to help work through them with you and educate you on what you need to know about the mortgage process. I can help with everything from how to pre-qualified to what to do after closing (where I will continue working for you)!

It’s what we do, and it would be my honor to add you to our list of raving fan clients. If you’re currently looking for a mortgage loan or know someone that might have questions about one, please have them contact me. I’d be happy to assist them. It’s literally what I love doing! I promise to take great care.

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Mortgage markets improved last week on fresh concerns about the U.S. economy.

Data showed neither big strength or big weaknesses.   Since earnings season is about to start, traders decided to be defensive with their money and buried it in bonds.

As a result, mortgage rates fell in mixed trading last week.  It’s the third consecutive week in which rates fell.

Specifically, What Did Those Reports Say?

Each week, I put up an economic calendar of news coming out that following week.   Here’s the what actually happened with those reports last week:

What Impacts Mortgage Rates?

If you’re looking to purchase or refinance a home, it’s important to know what moves mortgage rates.  There are normally two major things that impact the direction:

1. Economic News.  (Like the calendar above).
2. International News. (major events, pending legislation, war related news, etc).
3. Stock Market. (Money flows from equities (stocks) to bonds when it seeks shelter).

What Are Rates Based On?

It’s been mentioned before, but as a common reminder - mortgage rates are only based on one thing, Mortgage Backed Securities (MBS).  The only way you have access to these is through live bond quotes.

Looking For Mortgage Rates?

If you’re looking for specifically what mortgage rates are doing, I’d be happy to help with a custom rate quote.  Each scenario is different (there are 27 different factors a mortgage rate is determined by).  If you or someone you currently know are looking for a mortgage, I’m here to help!

Information without obligation.  That’s my policy.  If you like what you hear, my team and I would love to help you out with your mortgage!

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This week, there isn’t much new data due out.  General market momentum could push rates even lower.  In general, perceived weakness in the economy will be good for mortgage rates and strength will be bad.

However, there’s a wildcard.

The US Dollar and Mortgage Rates

This week, some of the world’s largest nations are expected to call on a replacement for the U.S. dollar as a global currency reserve.  Depending on how serious the discussion grows, the value of the U.S. dollar could be negatively impacted and that would spell bad news for rate shoppers.

A weakening U.S. dollar is linked to higher mortgage rates.

Mortgage rates remain favorable and unpredictable.  If today’s rates make sense for your household budget, consider locking in.  Rates won’t likely end the week at the same levels at which they started.

You Can Stay Updated!

I’ll be following things as they happen with live mortgage bond quotes and do what I can to keep everyone informed with live updates through Twitter.

Here’s this week’s economic calendar:

As a Consumer, How Do You Keep Posted on the News?

I’ll do my best to keep you posted throughout the week via Twitter. If you’re interested in finding out more about what effects mortgage rates and which direction they’re headed, feel free to follow me!

Work With Mortgage Professionals In The Advice Business

It’s important to recognize that advice is extremely valuable when looking for a mortgage. The right advice can literally save you thousands of dollars, while the wrong advice can cost you the same.  Some mortgage professionals really don’t know what mortgage rates are based on, period.  If you want to get the best deal, having a professional that can give you that type of advice is extremely important.

Why Am I Posting A Calendar?

I provide this weekly news update because too often when we’re shopping around, we ask the wrong questions. The first thing you’ve got to have your antenna up on is economic news if you want to have any idea what direction rates are moving.

So You Say, What Are Mortgage Rates Currently?

I get this question all too often. If I’m being fair.. and honest (which is my policy). I would be doing you a huge disservice to just quote a rate.

Truth be told, there are literally 27 different factors that go into a custom rate quote. There are also thousands of programs (constantly changing as well). It’s extremely important that you are educated on what is available and most importantly what is the best mortgage plan for you to personally implement.

It’s natural to have a list of questions. I’d love to help work through them with you and educate you on what you need to know about the mortgage process. I can help with everything from how to pre-qualified to what to do after closing (where I will continue working for you)!

It’s what we do, and it would be my honor to add you to our list of raving fan clients. If you’re currently looking for a mortgage loan or know someone that might have questions about one, please have them contact me. I’d be happy to assist them. It’s literally what I love doing! I promise to take great care.

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Mortgage markets were relatively calm throughout last week’s holiday-shortened trading sessions.  After mortgage rates traded within a tight range between Monday and Wednesday, a weak jobs report helped move rates lower into the weekend.

For the second week in a row, mortgage rates ended the week lower than where they started.

Bad News Is Good News For Mortgage Rates

If it was the expectation of runaway economic growth that fueled the early-June, mortgage rate run-up past 6 percent, it’s the changing of those expectations that helped rates retreat by a 1/2 percent or more since.

Yes, the housing sector continues to post strong numbers. However, employment is showing that it may not rebound as quickly as previously thought and U.S. consumer confidence remains shaken.  The Unemployment Rate rose to its highest levels in 25 years last month and key confidence levels fell.

With negative job growth and falling consumer confidence, it only makes sense that mortgage rates would fall.  Fewer people are working and the public feels a bit uneasy about spending their money.

Specifically, What Did Those Reports Say?

Each week, I put up an economic calendar of news coming out that following week.   Here’s the what actually happened with those reports last week:

What Impacts Mortgage Rates?

If you’re looking to purchase or refinance a home, it’s important to know what moves mortgage rates.  There are normally two major things that impact the direction:

1. Economic News.  (Like the calendar above).
2. International News. (major events, pending legislation, war related news, etc).
3. Stock Market. (Money flows from equities (stocks) to bonds when it seeks shelter).

What Are Rates Based On?

It’s been mentioned before, but as a common reminder - mortgage rates are only based on one thing, Mortgage Backed Securities (MBS).  The only way you have access to these is through live bond quotes.

Looking For Mortgage Rates?

If you’re looking for specifically what mortgage rates are doing, I’d be happy to help with a custom rate quote.  Each scenario is different (there are 27 different factors a mortgage rate is determined by).  If you or someone you currently know are looking for a mortgage, I’m here to help!

Information without obligation.  That’s my policy.  If you like what you hear, my team and I would love to help you out with your mortgage!

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Rates changed quite a bit from day-to-day, and even from hour-to-hour at times.

This is the same brand of mortgage rate volatility we’ve seen all year and it’s expected to continue through at least this week, too.  There are a number of market-moving events set to hit.

The event with the largest potential impact is the Federal Open Market Committee’s two-day meeting.

Fed Day on Wednesday

Scheduled for Tuesday and Wednesday, the Bernanke-led Fed is not expected to raise the Fed Funds Rate but the markets are more interested in what the Fed says than what it actually does.

If the Federal Reserve says that long-term inflation is a concern, mortgage rates will likely rise because inflation often leads rates higher.  Similarly, if the Fed says the economy is recovering quicker than expected, mortgage rates should rise on that story.

The Fed adjourns at 2:15PM EST Wednesday so watch for big market swings around that time.

More News To Chew On

In addition to the FOMC Meeting, there’s some big reports due out this week including the Existing Home Sales and New Home Sales reports, plus the Personal Spending and Consumer Sentiment survey.

Each of these reveals the psychology of the U.S. consumer and consumers with dollars to spend move the economy forward.  If the reports are overwhelmingly positive, mortgage rates should rise as a result.  On the other hand, if the data is weak or non-convincing, mortgage rates should ease up a bit and drop.

You Can Stay Updated!

I’ll be following things as they happen with live mortgage bond quotes and do what I can to keep everyone informed with live updates through Twitter.

Here’s this week’s economic calendar:

As a Consumer, How Do You Keep Posted on the News?

I’ll do my best to keep you posted throughout the week via Twitter. If you’re interested in finding out more about what effects mortgage rates and which direction they’re headed, feel free to follow me!

Work With Mortgage Professionals In The Advice Business

It’s important to recognize that advice is extremely valuable when looking for a mortgage. The right advice can literally save you thousands of dollars, while the wrong advice can cost you the same.  Some mortgage professionals really don’t know what mortgage rates are based on, period.  If you want to get the best deal, having a professional that can give you that type of advice is extremely important.

Why Am I Posting A Calendar?

I provide this weekly news update because too often when we’re shopping around, we ask the wrong questions. The first thing you’ve got to have your antenna up on is economic news if you want to have any idea what direction rates are moving.

So You Say, What Are Mortgage Rates Currently?

I get this question all too often. If I’m being fair.. and honest (which is my policy). I would be doing you a huge disservice to just quote a rate.

Truth be told, there are literally 27 different factors that go into a custom rate quote. There are also thousands of programs (constantly changing as well). It’s extremely important that you are educated on what is available and most importantly what is the best mortgage plan for you to personally implement.

It’s natural to have a list of questions. I’d love to help work through them with you and educate you on what you need to know about the mortgage process. I can help with everything from how to pre-qualified to what to do after closing (where I will continue working for you)!

It’s what we do, and it would be my honor to add you to our list of raving fan clients. If you’re currently looking for a mortgage loan or know someone that might have questions about one, please have them contact me. I’d be happy to assist them. It’s literally what I love doing! I promise to take great care.

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Mortgage markets finished out the week unchanged last week but that’s not to say that mortgage rates stayed flat throughout the week.

From day-to-day, mortgage rate shoppers were on a roller coaster.

• Monday and Tuesday, rates dipped
• Wednesday and Thursday, rates surged higher
• Friday, rates retreated back

Overall, conforming mortgage rates carved out a half-percent range this week.  This caused fit for home buyers in need of a rate lock, and homeowners interested in refinancing.  If you missed your chance, it may not be too late.  But you’ll benefit from having a mortgage professional watching things closely for you.

Specifically, What Did Those Reports Say?

Each week, I put up an economic calendar of news coming out that following week.   Here’s the what actually happened with those reports last week:

What Impacts Mortgage Rates?

If you’re looking to purchase or refinance a home, it’s important to know what moves mortgage rates.  There are normally two major things that impact the direction:

1. Economic News.  (Like the calendar above).
2. International News. (major events, pending legislation, war related news, etc).
3. Stock Market. (Money flows from equities (stocks) to bonds when it seeks shelter).

What Are Rates Based On?

It’s been mentioned before, but as a common reminder - mortgage rates are only based on one thing, Mortgage Backed Securities (MBS).  The only way you have access to these is through live bond quotes.

Looking For Mortgage Rates?

If you’re looking for specifically what mortgage rates are doing, I’d be happy to help with a custom rate quote.  Each scenario is different (there are 27 different factors a mortgage rate is determined by).  If you or someone you currently know are looking for a mortgage, I’m here to help!

Information without obligation.  That’s my policy.  If you like what you hear, my team and I would love to help you out with your mortgage!

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It’s a bit late, but I wanted to explain what the heck happened last week in the mortgage market.  As you may have heard, the mortgage market roller coaster continued.  Markets worsened badly in the early part of last week, before rallying into Friday’s close.

Overall, mortgage rates were slightly higher for the week even though, they rose to levels not seen since November 2008.  Unfortunately, last week marks the third week in a row and the sixth out of the last seven that mortgage rates increased.

The Good News That Was Hidden In The Mess

Fortunately, all It’s not all bad news for mortgage rate shoppers.  The market’s surge last week appears to be slowing and its momentum may start to reverse.

See, mortgage rates don’t come out of thin air.  They’re based on the price of mortgage-backed bonds and over the last few weeks, it seems as if nobody on Wall Street wanted anything to do with them.  It was a massive sell-off that caused bond prices to plummet and mortgage rates to soar.

Press Vs. Professionals

Freddie Mac says rates are up 3/4 percent in the last 3 weeks but if you ask a  loan officer, they will tell you that’s undercutting it.  Conforming mortgage rates are up more than 1 percent since Memorial Day.  No kidding.

The professionals know that the biggest reason for the sell-off was that markets were fearing a runaway inflation scenario.  The U.S. Treasury has assumed an unprecedented debt load this year and to repay it, markets expect the government to print more cash.  Which is an inflation producing scenario.

However, when a number of high-profile investors and a country said last week that their faith in the U.S. economy remains strong, markets viewed it as an endorsement of government-issued debt.  It served as Thursday and Friday’s rate-dropping catalyst.

Specifically, What Did Those Reports Say?

Each week, I put up an economic calendar of news coming out that following week.   Here’s the what actually happened with those reports last week:

What Impacts Mortgage Rates?

If you’re looking to purchase or refinance a home, it’s important to know what moves mortgage rates.  There are normally two major things that impact the direction:

1. Economic News.  (Like the calendar above).
2. International News. (major events, pending legislation, war related news, etc).
3. Stock Market. (Money flows from equities (stocks) to bonds when it seeks shelter).

What Are Rates Based On?

It’s been mentioned before, but as a common reminder - mortgage rates are only based on one thing, Mortgage Backed Securities (MBS).  The only way you have access to these is through live bond quotes.

Looking For Mortgage Rates?

If you’re looking for specifically what mortgage rates are doing, I’d be happy to help with a custom rate quote.  Each scenario is different (there are 27 different factors a mortgage rate is determined by).  If you or someone you currently know are looking for a mortgage, I’m here to help!

Information without obligation.  That’s my policy.  If you like what you hear, my team and I would love to help you out with your mortgage!

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Trying to Time Home Repairs?

When your finances are tight, you’re are often forced to choose between making home repairs right away, and putting them off until finances improve.

Some repairs, though, become more expensive if not tackled ASAP.  The hard part is knowing which fixes those are.

In this 5-minute piece from The Today Show on NBC, a Consumer Reports editor talks about important, must-make home repairs, including:

• Soil for runoff of rainwater
• Replacing cracked or curled roofing shingles
• Sealing damaged vinyl siding
• Replacing soft wood
• Treating mold issues

Maintaining a home preserves its long-term integrity and can help support resale value, too.  Not every minor fix must made today, but left unchecked, some minor fixes can turn into major ones — and that’s when costs can pile up.

Video From NBC’s Today Show

See the video here:

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What’s The Real Estate Market Doing?

Do you ever wonder how our real estate market is here in Des Moines? Unfortunately, we spend a lot of time listening to how rough things are in other cities around the country, but too often we don’t really consider what our real estate climate is like.

I’m a fan of having as much information available before I take action on any big decisions. I don’t know about you, but I think buying or selling a home is a pretty big deal.

As a blogger and mortgage professional, when I receive good information - I pass it on. Home listings and sales are an interesting set of information most of us don’t have super easy access to. Thankfully, I have a Realtor that hammers me with e-mails (Just kidding, I don’t mind them) on market updates and her opinion on where things are at.

Do YOU Need Help?

As a mortgage professional, I cannot sell real estate.  I can however help you connect with a Realtor.  If you are looking for some answers, I’d be happy to introduce you to someone who can help!  No question is silly or too off the wall.

I can also reach out to my connections throughout the country if you’re looking for real estate outside of Iowa.  So please, feel free to contact us, we’d love to help!

Why Should You Care About Statistics?

Whether you’re looking to purchase, sell or refinance a home - this stuff matters. These statistics are compiled from the Multiple Listing Service and cover the Des Moines, Iowa residential real estate market.

With her permission, I post the facts here so you can come up with your very own market opinion. Here’s this week’s market commentary:

“I wanted to share with you today how the market performed overall in May vs last year.  These numbers are still a little rough because there could be some sales from May of 2009 that haven’t been entered in yet, but its looking like we had 694 sales recorded on the books in May of 2009.  Which is down just about 13% from May of 2008 however the number of Sales in May 2009 is up over sales in April of 2009 by about 75 sales.  So while our sales numbers aren’t beating the numbers of 2008 we are consistently seeing month over month growth which signals that things are improving.  Just a fun fact for those non-believers.

I am currently working with a buyer looking to buy a home between $150k and $175k, after weekend 1 of showing houses we had 3 favorites, but wasn’t ready to write an offer, all 3 of those houses sold right away leaving us back where he started.  It just goes to show that houses in that price range are moving and if you have a house in that price range that shows well and you are thinking about moving, you should get it on the market right away.  Many of these houses that are price right and show well are selling in 30 days or less.”

- Heather Barglof, RE/MAX Real Estate Concepts

What Does This Report Cover?

I really enjoy this chart because it gives a breakdown of:

• Days on the Market
• Price Per Square Foot
• Number of New Listings
• Number of Expired Listings
• Number of Price Reductions
• Pending Home Sales (by price)
• New Home Sales (by price)
• All Active Home Sales (by price)
• Best of all, it compares this week vs. last week and last year!

This is a great chart.  I’m not a Realtor and would never try to take the place of one.  If you’re looking for statistics in your specific neighborhood (because your neighborhood is the only one that matters when you’re selling), I can help connect you with the right Realtor for the job!

We Love Great Information and Love to Give Great Information!

If you’re a super cool person and have any market statistics you think our readers would find valuable, please feel free to contact me. If it’s relevant, It’ll show up here!

If you’re looking for my professional opinion or looking for a comment (press related), please contact me here.

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No Data, Count On Emotion

Without much new data this week, markets are likely to trade on emotion — a difficult situation for rate shoppers.  Conforming mortgage rates have been extremely volatile since May and are changing every few hours.  If you see a rate you like, consider locking it.

Wait around too long, and it’ll be gone.

You Can Stay Updated!

I’ll be following things as they happen with live mortgage bond quotes and do what I can to keep everyone informed with live updates through Twitter.

Here’s this week’s economic calendar:

As a Consumer, How Do You Keep Posted on the News?

I’ll do my best to keep you posted throughout the week via Twitter. If you’re interested in finding out more about what effects mortgage rates and which direction they’re headed, feel free to follow me!

Work With Mortgage Professionals In The Advice Business

It’s important to recognize that advice is extremely valuable when looking for a mortgage. The right advice can literally save you thousands of dollars, while the wrong advice can cost you the same.  Some mortgage professionals really don’t know what mortgage rates are based on, period.  If you want to get the best deal, having a professional that can give you that type of advice is extremely important.

Why Am I Posting A Calendar?

I provide this weekly news update because too often when we’re shopping around, we ask the wrong questions. The first thing you’ve got to have your antenna up on is economic news if you want to have any idea what direction rates are moving.

So You Say, What Are Mortgage Rates Currently?

I get this question all too often. If I’m being fair.. and honest (which is my policy). I would be doing you a huge disservice to just quote a rate.

Truth be told, there are literally 27 different factors that go into a custom rate quote. There are also thousands of programs (constantly changing as well). It’s extremely important that you are educated on what is available and most importantly what is the best mortgage plan for you to personally implement.

It’s natural to have a list of questions. I’d love to help work through them with you and educate you on what you need to know about the mortgage process. I can help with everything from how to pre-qualified to what to do after closing (where I will continue working for you)!

It’s what we do, and it would be my honor to add you to our list of raving fan clients. If you’re currently looking for a mortgage loan or know someone that might have questions about one, please have them contact me. I’d be happy to assist them. It’s literally what I love doing! I promise to take great care.

Original Photo Kudos

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