Live Rate Quotes
Real Estate Chart of the Day
Mortgage rates and markets change constantly. Stay 100% current by taking The Mortgage Reports by email each day. Click here to get free email alerts, or subscribe to the RSS feed in your browser.
The National Association of REALTORS has changed their 2007 housing forecast for the worse, as reported by CNNMoney and other news sources.
Four weeks ago, this would have been terrific news for mortgage rates shoppers. Today, not so much.
Mortgage rates are only slightly improved on the day.
Why? Because the housing sector is decoupling from the mortgage-backed securities market.
Despite ongoing weakness in housing, consumer spending surges ahead. It's now apparent to markets that housing will not slow down the economy as the Fed had predicted (and communicated) in its four press releases earlier this year.
Just yesterday, in fact, Fed Chairman Ben Bernanke alluded to the monetary policy-setting group's reduced focus on housing, stating that inflation risks "remain to the upside."
For a succinct breakdown of NAR's second revision to its 2007 forecast, check out Inman Blog's bullet-point comparison.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
Since you have reached the end of this post, you may be interested in checking out the related posts below.
