Moving.com continues to do an excellent job of telling the public about the daily progress of our economy and how it relates to mortgage rates…just in case the layman wanted to keep an eye on the economy in publicity that can be read and understood by anyone.
Today, bonds started out in negative fashion as the morning report in retail level sales came out not just good, but better than research would have expected. That is a good sign of recovery in our economic times…as I always say, “what’s good for our economy, many times is not good for low mortgage rates”. In the end for today in comparison to yesterday, rates came out a tad higher…by .125% in discount point (for the layman. That “ain’t” much).
This retail level establishments report is announced by The Commerce Department. This is an important report, in case you wanted to take mental note for long term memory, as apposed to trying to add the huge number of reports that we see from day to day in the Stock Market that don’t necessarily have a huge influence like this one. The retail level establishments report is important as it makes up two thirds of the U.S. economy.
Furthermore, this blog is piggy backing the recent blog post I made in the Frisco Economic Forecast a couple weeks back, in regards specifically to what rates may do in the coming 6-8 months…if you haven’t read it, go read it. Remember, sitting here today with the 30 year fixed FHA and Conventional rates at 4.875%, a 7% to 7.875% rate on that price range you are holding off on today will bring a monthly payment well more than $100 a month higher at the expected higher rates than the ones today. That means you will probably settle for a lesser house in 6-8 months than you would now.