Apr 15th 2009livemileUncategorized
Week of April 12, 2009
Mortgage Market Commentary from Lincoln Mortgage US.
A few more glimmers of optimism appeared last week for our ailing economy, with a few economists even predicting a September end to this recession! With a second week of no major government intervention or announcements, mortgage rates ticked upward with the balmy mood last week. The economic data comes flooding in this week. One of the factors that is helping to keep interest rates low is that inflationary pressures are at very low levels. Both the Producer and Consumer Price Indices are due this week, with expectations of very tame readings. If both of the indices continue to show subdued inflation, it is likely that mortgage rates will stay fairly flat. Retail sales data is also due this week. While spending is down, it has remained fairly strong during this recessionary period. An unexpected drop could dampen the timid levels of optimism in the market, but it would help keep mortgage rates very low. After last week’s record lows for rates, we could experience some minor upward pressure on rates if lenders are receiving more applications than they can process.
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