Lake Norman Real Estate Mortgage Update: January 11, 2008
As potential Mooresville and Lake Norman home buyers and home sellers I know how important and difficult it must be to fully understand today’s complicated mortgage market. Rates have been going down all this week; there were Fed speeches and I just heard that our own Charlotte-based Bank of America will be buying Countrywide. I decided it would be best to provide you with some insider insight in to the ever-changing mortgage market and how it will affect your Lake Norman home buying or selling process.
It is my pleasure to introduce you all to Matthew Rosov, CMPS of Envision Lending Group. I have been reading his daily updates about the housing market and mortgage rates for quite some time. He is brief and to the point and has earned great respect within the real estate community:
I’m honored that Diane requested that I write for you, her loyal Mooresville Lake Norman readers, this week’s area mortgage market update.
For scheduled news, the early part of the week was rather slow. A few of the regional Fed Market chairmen were scheduled to give speeches to various groups. They all agreed that the Fed would react accordingly to the various economic reports that are due to be released between now and when the Fed meets again later this month.
Thursday saw the release of Jobless Claims for the previous month. The number of jobless claims came in lower then expected which caused rates for Thursday to rise a bit.
Overall, bonds have been reacting well to the news and have been trading in multi-year highs translating to the lowest interest rates in the past 2 to 2.5 years!
Remember that mortgage interest rates are actually tied to the FNMA 30-year bond as opposed to the 10-year Treasury note. Also, remember that bad economic news translates to good news for bonds. So in order for mortgage rates to improve the economy needs to have bad things happening.
I will be asking Matthew to write brief updates on a fairly regular basis. (Even though he is located in Maryland he is able to do loans in North Carolina). Please feel free to contact him with any specific questions regarding your Lake Norman area home mortgages at firstname.lastname@example.org , 301.536.2875 or visit his website – www.matthewrosov.com