Market Update
Friday May 27, 2011 4:21 pm ET
Mortgage Bonds have flirted with the 200-day moving average for 3 weeks and was finally able to break above that ceiling of resistance.
This was very encouraging for interest rates, but get ready for more volatility as the Bond Bears will try to force Bond prices lower on any sign of weakness. Adding to the upbeat news are rumors of a possible QE3.
Therefore if you haven’t locked into your mortgage rate, I advise doing so.
Economic News
New Home Sales Rise Again in April, Up 7.3% to 323,000, Topping Estimates.
Real Estate Affordability is at an All Time High.
The ability for Americans to own a home has reached its highest level in the more than 20 years,
US Economy Grew Less than Expected in First Quarter, Revised to Up 1.8%; Weekly Jobless Claims Post Surprise Increase, Up 10,000 to 424,000
Mortgage Applications are up for a fourth week.
Mark Haines “The Godfather of CNBC” Dies at Age 65
Veteran Journalist Mark Haines died unexpectedly Tuesday evening.
Mark was the founding anchor of CNBC’s morning show “Squawk Box” and co-anchor of the network’s “Squawk On The Street” program.
I had the pleasure of being interviewed by Mark during the credit market melt down. He was a genuine, humorous and insightful reporter. He held back nothing in his interviews and was well known for getting answer’s to tough questions.
He will be missed.
Update on FINREG (Financial Regulation)
Protect your homes value and your right to affordable home financing.
The focus is now on the Dodd-Frank Bill.
With implementation of the Dodd-Frank Bill a couple of months away, much has to be done to repeal or at least modify language in the Bill.
This Bill is another government power grab and will its unintended consequences will ad further pressure to the real estate market.
Get involved and let you elected officials know your concerns.
Already prepared template letters and contact info for your Congressman and Senator are available at: