Mortgage Rates Tick Up Again
I seem to have missed posting the weekly mortgage update yesterday.
Weekly Home Mortgage Rates
Mortgage rates ticked upwards again this week, rising rather steadily and steeply. I'm expecting further quarter point rate increases by the fed on November 1st, December 14th, and January 31st at the minimum. The next fed meeting after these will be on March 28th, however, Greenspan will not be presiding over that meeting.. My opinion on where rates will move from there is based on who Bush appoints to the position..
Three quarter point rate increases three months will put significant upward pressure on mortgage rates. I can't imagine rates will stay low unless foreign entities significantly step up bond purchases to match.
Caveat Emptor,
Grim
Weekly Home Mortgage Rates
Mortgage rates ticked upwards again this week, rising rather steadily and steeply. I'm expecting further quarter point rate increases by the fed on November 1st, December 14th, and January 31st at the minimum. The next fed meeting after these will be on March 28th, however, Greenspan will not be presiding over that meeting.. My opinion on where rates will move from there is based on who Bush appoints to the position..
Three quarter point rate increases three months will put significant upward pressure on mortgage rates. I can't imagine rates will stay low unless foreign entities significantly step up bond purchases to match.
Caveat Emptor,
Grim
5 Comments:
30-year rates hit 15-month high at 6.1%
6.1%
Give or take a few bucks, this increase means home values should fall just about 1% to compensate.
-grim
Philly Fed Report
While the Philly Fed report was positive today, coming in at 17.3, the two price components of the fed report, prices paid and prices received both jumped to levels not seen in quite some time..
Both price indices showed strong gains: prices paid to 67.6 as received jumped 24 pts to 32.6.
Significant inflation pressure on producers. The Fed will not like these numbers. Maybe Fed President Yellens estimate of a 5.5% neutral rate is correct. And what-do-you-know, she gets rotated into a voting position next year.
grim
Here is a primer on the Federal Open Market Committee (FOMC) structure and organization
Fed FOMC
Some background on Janet Yellen
Janet Yellen Named President of San Francisco Federal Reserve
San Francisco's president becomes a voting member every three years, with the next opportunity in 2006.
I've posted some of Yellen's statements on this blog before, but here is her most recent and (in my opinion), most significant.
Yellen says Fed will not allow inflation
-Grim
Suck it up.
The ARM readjustments are coming.
Oh did I forget to tell ya. That Nat Gasd /heating bills probably going to be about 70% more this year so you beyyet put on 5 layers to keep the bills down.
Many folks do not have any margin for error with the tight budgets having been sold a pipedream when they over extended on that McMansion. I see lots of regret in the future
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