Market Updates

Austin Mortgage Update – Week Ending 8/7/09

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

30-yr Fixed – Slightly Lower

This Week:  5.22%
Last Week:  5.25%
1yr Ago:  6.52%

15-yr Fixed – Slightly Lower
This Week:  4.63%
Last Week:  4.69%
1yr Ago:  6.10%

Highlight of ThisWeek’s Major Economic Reports

Is it safe to say that the recession (or at least the worst of it) is behind us?  Recent reports for construction spending, manufacturing, and factory orders revealed improvements in these sectors that would help to support this notion.  The biggest boost, however, came from the latest employment report, which showed a hugely surprising job loss figure of only 247K (the smallest number of job losses in a year).  Even though we’re still in the negative territory on jobs, the mere reduction in job losses was hailed as a plus for the economy’s road to recovery.

What to Look for This Week

Not much on the economic calendar, so expect the euphoria of last week’s employment report to help prolong the stock market rally, which does not bode well for mortgage rates.

Short-Term Rate Outlook

Potentially Higher

Rate Updates courtesy of:
Marie Funston
Senior Mortgage Advisor with Coldwell Banker Mortgage
(512) 750-7270

For more information regarding the Austin Housing Market, Current Mortgage Rates, or how I can help you…..please contact me directly.

~ Kevin

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