mortgage bonds are trading 28 basis points lower which may cause lenders to raise rates today. In about the past 6 weeks mortgage bonds have lost about 700 basis points. From the spring to November it gained about 700 so are back to where we were in spring. Sure rates aren't at 4% or under on a 30 year fixed, but they are still relatively low compared to what they have been in years passed.
Some economic news today was the Senate passed the $858 billion Tax Cut Bill yesterday and now will goto the house for approval which will be a tough battle.
New construction starts went up 3.9% for November beating estimates.
Initial jobless claims fell to 420,000 with an estimate of 425,000. This is the 3rd decline in 4 weeks and was the second lowest number in all of 2010 which is great to hear. Emergency Unemployment Compensation went up to 3.9 million.
Rates are still very low, if you have been waiting to purchase or refinance I would suggest locking in rates now as interest rates will continue to rise in 2011.
Ron Meyer is a Wisconsin licensed Sr. Loan Originator NMLS #222688 with GSF Mortgage Corporation NMLS #1018 located at 300 Patriot Dr. Little Chute, WI 54140 We specialize in financing purchases and refinancing home loan mortgages for all of Wisconsin. As a local lender we pride ourselves on offering quality service before and after your closing. Our underwriting is all done in house, allowing us to have quicker than normal processing time of your loan.
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