Greece, Greece, Greece
The market is closely watching and waiting for a resolution to the Greek debt default drama playing out in Europe. This headache for the markets, in addition to the continued fears about the United States’ economic health, have played key roles in pushing US mortgages rates to historic record lows over the past weeks. While no resolution was reached today as talks deadlock into Thursday, a “broad agreement” was reached.
Expect mortgage rates to move up if and when a resolution is reached. Have questions about how to lock in the current historically low rates? Call us, we can help.
Durable Goods, New Construction and GDP, Oh My!
Data for September’s Durable Goods Orders was released today at 8:30 AM ET. This data showed a 0.8% decrease with forecasts of expecting a 1.0% drop. Data for sales of newly constructed homes rose 5.7% last month. While this data was better than expected, it does not carry enough weight to seriously impact mortgage rates.
Tomorrow will see GDP and unemployment numbers released. The GDP or 3rd Quarter Gross Domestic Product will help market watchers understand the how growth is occurring in the market. GDP is a very important benchmark measurement of economic growth as it represents the goods and services produced in the US.
Time To Lock Your Rate?
Any significant data that is released relating to the health of the US economy or the debt crisis in Europe has the potential to move mortgage rates away from their current near record lows to significantly higher levels. The only way to insure you get today’s low rates is to lock in your rate now. Not sure what program is the best for your situation or how a rate lock works? We can help you understand what options are the best for your unique situation.