Mortgage Markets : A Look Ahead This Week : December 27, 2010
By Chik Quintans, Seattle FHA Jumbo Mortgage, Pre Approval,FHA 203k,VA,USDA,Homepath
(TeamCQ - Atlas Mortgage A Division of Pinnacle Capital Group)
Mortgage markets worsened again last week as the holiday-shortened sessions did little to buck recent momentum. Although Freddie Mac reported mortgage rates dropping 0.02% from the week prior, loan officers on the street will report the opposite. Rates did not fall last week. Conforming mortgage rates in Washington State moved higher for 7th straight week. For rate shoppers and home buyers, it’s been a harrowing two months. Since the Federal Reserve announced its QE2 program November 3, 2010, mortgage rates have moved from all-time lows to 7-month highs. Mortgage payments now cost $38 more per month per $100,000 borrowed as compared to the day before the stimulus was announced. Mortgage rates look poised to increase again. Here’s why. A major reason why mortgage rates were so low, for ...
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