What's Ahead For Mortgage Rates This Week : December 14, 2009
By Bob Phillips, CDPE, SFR, South Orange Co., CA
(Realty ONE Group)
Mortgage markets worsened for a second consecutive week last week amid debt default concerns and stronger-than-expected economic data. Dollars left the bond market and mortgage rates suffered. After re-reaching an all-time low December 1, mortgage rates have since rolled back to mid-November levels. Rates are still low right now. Just not as low. And meanwhile, last week's big story -- the one that should concern mortgage applicants between now and early-2010 -- is the story of Retail Sales. Last week, a government report showed that American consumers are spending more this holiday season than was expected. The Retail Sales data implies that consumers are feeling more confident in themselves, and in the economy overall. This is one of the last remaining pieces in the economic recovery...