May 28th, 2010
This week was marked by a reversal of the recent declining trend and higher rates by the end of the week. While they did not shoot into the stratosphere, rates did move steadily up as optimistic and opportunistic investors began to move money back into the equities markets.
The main economic data came in the form of home price and consumer confidence indices. Housing was a mixed bag. Overall, we saw a decline in prices month over month, but a gain year over year. Consumer confidence tracked favorably and actually registered at levels not seen since 2008.
In the end, we have seen and can expect volatility in rates going forward. Most conventional wisdom is pointing toward locking if within 60-days of a purchase. If you cannot do this, fear not. Factors adverse to the equities market, such as European debt concerns, colossal oil spills and tensions on the Korean peninsula, may create windows of opportunity to secure a good rate.
I would like to take a moment to remind everyone that this weekend is Memorial Day. As I was writing this update, I realized how easy it is to get caught up in the day-to-day and forget the brave men and women who paid the ultimate price in the service of our country. To make matters worse, Memorial Day has become an anchor for sales and an excuse for picnics and BBQs. All of these are great and have their place, but please take a moment out of the errands, sales and picnics to remember these soldiers, sailors and airmen.Email This Post To a Friend.