Gary McNinch's Client Testimonials: Gary McNinch's Client Testimonials: What's Ahead For Mortgage Rates This Week : December 10, 2012

Gary McNinch's Client Testimonials - Renton REALTOR



Advanced Search

Click here


Send Gary McNinch a TXT Message

rets


Visit Gary McNinch's Facebook profile
Visit Gary McNinch's Active Rain profile
Visit Gary McNinch's LinkedIn profile
Visit Gary McNinch's Twitter account
Visit Gary McNinch's Plaxo profile




Gary McNinch's Client Testimonials
What people are saying about Gary McNinch and his Renton Home Finder Team

What's Ahead For Mortgage Rates This Week : December 10, 2012

FOMC meets this weekMortgage bonds worsened last week as Fiscal Cliff talks moved closer to resolution and as the U.S. economy showed continued signs of growth.

Conforming mortgage rates in WA rose slightly, edging off the all-time lows late in November.

According to Freddie Mac's weekly mortgage rate survey, the average 30-year fixed rate conforming mortgage rate was 3.34% last week for home buyers and refinancing households willing to pay 0.7 discount points at closing plus a full set of closing costs.

Freddie Mac also showed the 15-year fixed rate mortgage averaging 2.67% with an accompanying 0.7 discount points plus closing costs.

1 discount point is equal to 1 percent of your loan size.

The two big stories that moved rates worse last week were the Fiscal Cliff talks and the November jobs report.

With respect to the Fiscal Cliff, mortgage rates worsened as Capitol Hill moved closer to a deal which would avoid the dual-event of expiring U.S. tax break and a mandated government spending rollback. These events are both scheduled to occur December 31, 2012. 

Some analysts believe that these two events -- in unison -- could slow U.S. economic growth to the point of recession. Other analysts aren't so sure. However, Wall Street is choosing to be cautious. This is why a break in talks has been good for mortgage rate shoppers of late; and why steps toward avoiding one or both scenarios has been bad for rate shoppers.

Mortgage rates often rise when economic growth is expected. This explains why November's jobs report pushed mortgage rates worse Friday, too -- Wall Street underestimated the Non-Farm Payrolls report which showed 146,000 net new jobs created, and didn't expect to see the national Unemployment Rate drop to 7.7%.

This week, mortgage rates may rise again with new inflation data and a Retail Sales report set for release.

The big event, though, is the Federal Open Market Committee's 2-day meeting scheduled, set to begin Tuesday. The FOMC is not expected to add new economic stimulus, but the Fed's words can carry as much weight as its policies and actions.

The Fed will issue a statement to the markets at 12:30 PM ET Wednesday, and will host a press conference shortly thereafter. Mortgage rates are expected to remain volatile all week.

Labels: , ,


# posted by Gary McNinch


This page is powered by Blogger. Isn't yours?



Gary McNinch Given to Excel in Real Estate
Keller Williams Realty Southeast Sound Direct: .. (425) 277-5100
560 Naches Avenue Southwest, Suite 100 Fax: (425) 277-5400
Renton, WA 98055 Email Email Gary
Keller Williams Realty Southeast Sound, 560 Naches Avenue Southwest, Suite 100, Renton, WA 98055



About Gary McNinch's Renton, WA Real Estate Website: The www.rentonhomefinder.com web site provides Downtown Renton, Renton Highlands, Kennydale, Newcastle, Talbot Hill, Cascade, Kent, Skyway and Fairwood, Washington real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Renton area. Gary McNinch Garie, Garry, McNich, McNitch, or McInch has services to help you get the best value for your Renton home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a  Renton REALTOR who knows  the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Renton, WA, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Gary McNinch can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Gary speaks  your language.
Great Real Estate Agent Websites for Realtors - Real Estate Website Design (c)2009 HoopJumper WebSystems, All Rights Reserved (949) 309-2299 - Espanol