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Wednesday's bond market has opened up slightly after this morning's economic data failed to give us any surprises. The stock markets are posting gains with the Dow up 98 points and the Nasdaq up 14 points. The bond market is currently up 3/32, which will likely keep this morning's mortgage rates close to yesterday's levels.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

This week is packed with relevant pieces of economic news in addition to another FOMC meeting. All seven of the reports are considered to be at least moderately important while several are considered very important to the markets and mortgage rates. This makes it likely that we will see plenty of movement in mortgage pricing over the next several days.  If we have a decline in the CCI (Consumer Confidence Index) that would be good news for the bond market and mortgage rates would decline.  If they increase, the opposite affect would take place.

The GDP & Employment figures will be posted this week which could also significantly impact mortgage rates.

Overall, look for plenty of movement in the financial markets and mortgage rates this week. Wednesday or Friday will likely be the most important day of the week with the GDP and Employment numbers being posted along with the FOMC adjournment, but we may see noticeable changes to rates tomorrow also. If this week's reports reveal weaker than expected economic conditions, the bond market should rally and mortgage rates should fall significantly for the week.

If I were considering financing/refinancing a home, I would.... Float if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Mark Betteker

Todays real estate market has become a wait and see reality.  Many sellers are waiting for the market to turn around and buyers are waiting to see it hit rock bottom.  With a struggling economy no one is certain when either forecast will happen.  With interest rates still low and the conforming loan limit raised above $700,000 for Southern California, it is a good time to refinance. Either to combine high rate credit cards or switch to a fixed rate.  We here to help.  Give us a call.

Mark Betteker

Betteker Mortgage and Realty Services.