Economic indicators for week

Here are a list of market moving indicators for the week of the 28th. There are some major market movers. The biggest of which are GDP which tell us the growth of the economy. and payrolls. These will have an effect on what the mortgage bonds do this week. Their is still great volatility in the mortgage market at this time and probably will continue until we can figure out how to settle the housing market and stabilize banks. The rates are currently between 6% and 6.75% on any day. It seems lately that every other day can be a bungee jump up and down. Right now is a good market to find good deals on homes and still rates are great compared to what they could be.
Consumer Confidence
Crude Inventories
Chain Deflator-Adv.
Employment Cost Index
GDP-Adv.
Initial Claims
Chicago PMI
Auto Sales
Truck Sales
Average Workweek
Hourly Earnings
Nonfarm Payrolls
Unemployment Rate
Construction Spending
ISM Index

The Week

Well it has been a roller coaster over the last week. At the beginning of the week mortgage bonds were doing well rates were getting better because of how poorly financials were doing in the stock market. Indymac Bank became the second largest bank ever to fail which brought skepticism to all of the financials and investors moved their money to bonds for safety. But toward the middle of the week oil dropped in price and earnings from the banks were better than expected so the stock market rallied and pushed up mortgage rates to almost their worst level in a year. It is a very volatile market right now. with big jumps up and down in both the stock market and the bond market.
If you are looking for a house I would lock in the rate as soon as you find the house that you are looking for. It is not a market to be chancing as things can change in a blink of an eye.

Here is a product highlight for today. I will do this on every Friday.


UTAH HOUSING - AFFORDABLE HOUSING OPPORTUNITIES
• Utah Housing does not run out of money
• Homes may be existing or new construction
• Single Family Detached, Twin Homes, PUD or Approved Condos
• Homes may be located anywhere in Utah and must meet FHA/VA guidelines
• Borrower may not have had ownership in a primary residence in the previous
three years unless the home is located in a targeted area
• Income limits apply based on number in household, county, targeted and
non-targeted areas
• Rates are lower than FHA and Conventional
• Utah Housing Corp sets the rate which changes once a week
• Down payment, closing costs and buydown funds can be borrowed from Utah
Housing
• Minimum credit score is 660
• Recapture fee has been eliminated

I will be out of town next week so I will pick it up on the 28th.

Introduction

For my first post I thought I would introduce my self and give you my back ground. I have been working with Republic Mortgage Home Loans for almost 6 years now. It is a great company to work for. We are a mortgage banker. This means we loan our own money as well as have the option to broker to other companies for the best array of products. Right now there aren't many products to choose form but we still have the option to use othe programs we don't offer inside our company.
I graduated from the University of Utah in 2006 with a baccalaureate of arts in economics. I thoroughly enjoy watching the economy how the markets work. I have been married for 6 yrs and have 3 children. I hope that this will be a site that you can come and get questions answered about what the future is for the mortgage industry and some terms you might want to know when purchasing a home. I desire that you will come here to see what events are coming up that could affect rates.