Localism: Weekly Mortgage Update ~ Dec. 10, 2007

Weekly Mortgage Update ~ Dec. 10, 2007

Let's Recap:
The 30 Year Fixed Mortgage averaged 5.96%, down from 6.10% just last week.

The 15 Year Fixed Mortgage averaged 5.65%, down from 5.73% just last week.

The 1 Year Adjustable Rate Mortgage averaged 5.46%, up from 5.43% just last week.

The Week Ahead:
The biggest news on the Economic Calendar this week is the FOMC meeting on Tuesday. We've already seen rates hedge downward in anticipation of a rate cut which is expected to be between .25 - .50%. If you can secure a rate below 6%, I'd lock at application right away. If a rate cut comes in lower than expected or if there is no rate cut at all, you can count on a surge in interest rates to prior week's levels of 6.25% or more!

Click here for a look at the Economic Calendar.

™

Mortgage Advisor

Direct: 323.810.2175 | E-mail: ricardo (at) ricardobueno (dot) com

And if you haven't already,

at www.industry-report.com

Posted Monday Dec 10

(12/10/07 07:25AM) — Charlie Ragonesi Big Canoe Realestate Jasper,Ellijay,Ball Ground,Benttree

Thanks for the post. Rain is how I now keep up with industry related issues . It is more accurate than the media

(12/10/07 07:29AM) — Al Maxwell - Real Estate Agent -

Thanks for the update Ricardo. It's always good to see the latest scoop.

(12/10/07 07:34AM) — Ricardo Bueno - Mortgage Planner

Charlie: the media can have a tendency to focus on headlines thereby distorting the news.

Al: failing to plan is planning to fail. It's always good to know what's going on! You never know when that next client is going to ask you "what do rates look like today?" Meanwhile expecting you to answer right away!