Mortgage Rates Show Slight Decrease for Home Buyers in Alexandria
November 16th, 2009 Categories: Mortgage Update
Mortgage rates are showing a slight decrease for home buyers in Alexandria with FHA, VA and conforming conventional loans in the 5 percent and 0 point range. Rob Clark, our go to mortgage guy offers this observation on the market:
“With limited economic data released last week, mortgage rates continued their recent trend of slowly moving downward. While we continue to see limited activity outside of conforming and FHA-backed mortgages, it is worth noting that jumbo mortgages are beginning to reappear more widely in the market, and the difference between conforming and jumbo rates has been shrinking.
This is a week full of economic data for markets to sort through. With recent signs that the labor market could be hitting bottom, any signal that indicates that the recovery is beginning to power up could start pressuring mortgage rates upward.
Both Retail Sales and Industrial Production are due this week. If these two influential reports show greater strength than anticipated, then the likelihood of increasing rates will grow. However, if they both come in lower than expected, we could see this trend of very slowly decreasing rates continue.
Both the PPI and CPI also are also due this week. If they are near expectations, they will create some additional downward pull on rates.”
Next we’ll be bringing you up to date information on the extension of the first time home owners tax credit so stay tuned.
Michael
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