Home Picture Brightens

On January 17, 2011, in mortgage rates colorado, by admin

colorado mortgage guy

Home Picture Brightens:

September 27, 2010

The constant “doom and gloom” news reports might make you feel as if everyone is in foreclosure and that no one is buying any homes.  Of course, that is the farthest thing from the truth.  In fact, there are some bright spots in the housing market.

The National Association of Realtors reported that sales of existing (previously owned) homes shot up 7.6% in August to a seasonally adjusted annual rate of 4.13 million units.  Another sign of strength is that the median sales prices actually increased, which shows that homes are not being moved due to lower prices.  The median sales price rose 0.8% to $178,600.

Sales grew in every region of the country.  They rose by 14% in the West, 8% in the Northeast and 5% in the Midwest and South.

What Happened to Rates Last Week:
colorado mortgage rates 

Mortgage backed securities (MBS) gained +34 basis points last week causing 30 year fixed rates to decrease from the previous week.  However, once we reached our best pricing on Tuesday, we pulled back -47BPS by Friday.  The reversal from Tuesday’s highs was in reaction to very strong Existing Home Sales, Business Inventories, and Durable Goods Orders.

What to Watch Out For This Week:
The following are the major economic reports that will hit the market this week.  They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages.  I will be watching these reports closely for you and let you know if there are any big surprises:
denver mortgage rates

It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets.  Just leave it to me, I monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon.

mortgage broker denver

Vince Reece
Senior Loan Officer
Office: 303-840-0966
Cell: 303-818-0699
19519 E Parker Square Dr
Parker, CO 80134

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