Market Updates

Austin Mortgage Update – Week Ending 4/17/2009

What Did Interest Rates Do Last Week?
** based on Freddie Mac weekly average survey **

30-yr Fixed – Slightly Lower
Last Week:  4.82%
Previous Week:  4.87%
1yr Ago:  5.88%

15-yr Fixed – Slightly Lower
Last Week:  4.48%
Previous Week:  4.54%
1yr Ago:  5.40%

Highlight of Last Week’s Major Economic Reports

Mixed signals continue to dominate the economic headlines, but overall the outlook continues to improve.

The Fed, for instance, noted “stabilizing” or “moderating” conditions in most regions, while weekly unemployment claims improved to a not-as-bad 610,000 last week.

The stock market has also been gaining steam, which is helping to bolster consumer confidence.

Prices are still falling.  The Producer Price Index dropped 1.2% last month and is down 3.6% from last year.  Before panic over deflation kicks in, however, do note that the Consumer Price Index fell by only 0.1% and is holding steady for the year.

What to Look for This Week

Home Sales figures will be the only major headliners, so expect more stock market activity to drive mortgage rates.

Short-Term Rate Outlook

Stable

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