Market: Apparently the world bond markets like it when I go out of town, because we got a sharp rally Thursday, followed it with a solid day Friday, and we’re up another 70 bps this morning. For those just joining us, that means rates are falling. We’ve not reached the levels we were at two weeks ago, but we pegged back all of the loss since. That makes the 30-year at about 5.25% for a conventional and fairly similar for an FHA. AS ALWAYS, your specific situation will make those numbers rise or fall.
Analysis: Well, not so fast. The “recovery” (which those of you that follow us closely know we have never believed in) has not been overly juicy, and today’s manufacturing numbers were even worse than forecast. The Obama Administration continues to blame the economy they inherited for the bad employment numbers we’re seeing, and still defend the stimulus package as necessary to keep things from getting worse. I’m not sold on that, but I am a pragmatist – this is what we have, so let’s deal with it. I don’t expect that the economy will roar back – that’s some time off, and very tenuous at best – but I also don’t think things are going to get (visibly) much worse in the near future. We should be okay through the summer.
Assuming we have summer. Utah is basically stuck in April.
P.S. For those that like to see the little guy make good, I address you to Zillow’s Mortgages Unzipped blog, where they have a new columnist. You might know the fellow.
Tags: RateWatch, utah mortgage broker, utah mortgage rates, Zillow
Posted on Monday, 15th June 2009 by chrisjones
Posted in Blog & News, General, Rate Watch | Comments (1)
June 15th, 2009 at 5:07 pm
Awwww, our little boy is growing up.